Business Insurance

Picture 183Business Insurance Cover

Running any kind of business can be a real step into the unknown? Where’s the best location? What’s the best product, where will my services be best received? How do I price myself?

A few years down the line, once you are successfully trading daily some of those questions have been answered and dealt with in a positive way. However when things are going well, time taken to consider what can go wrong are worth looking at? What do you mean? I hear you say?

Let me start this article by stating that this isn’t scare mongering!  Big business and governments have contingency planners who basically allow their nightmare to become the basis of positive planning for peace of mind. If all of this sounds a bit strange, relax, it’s really something that will need to be given some thought. One of the reasons that self employed people don’t necessarily have to give as much thought for this is insurance!

If you have a small business, things like fire, water, break-ins, liability cover, loss of earnings, Public & employer’s liability, etc, are mostly covered and several well thought out packages. Did you know that if you suffered a fire in your shop, the physical stock cover will replace your stock, but you will also suffer whilst you can’t trade right? You may not be able to get someone to refit your shop for three months, if you’re not insured; it may well be game over. Is that what you want for your dreams?… well rest easily under the sections operative in most good shop, ( Commercial Insurance) packages you will have cover for the burnt stock, the insurers will also pay for the refit/repair of the premises, and if it takes four months to rebuild and you can’t work from it they may well hire a new premises (short term) for you to conduct business from, or, pay your for the money you would be losing whilst you can’t trade. Sound like a dream?  No? Most good insurers these days will cover all of the above and more. I would stress in the main I have only seen claims refused when insurers have not been told something very important, like previous claims, adverse history etc, if you are honest and forthcoming with all details to the underwriters they will make the nightmare of a claim into a an experience that you can put behind you with a positive memory..

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