Protecting Your Biggest Investments

You can’t even have too much protection. Of course, that doesn’t mean you should be buying insurance surplus to your needs, but it does mean that the right insurances will make a difference in your life and the lives of your loved ones – should you need it. 

So here are some insurances that you should consider if you are a small business owner. 

Vehicle

You should have the right insurance for your car anyway, but if you are using your vehicle for work, then you should be fully insured. Any business vehicle should be at minimum insured with 3rd party, but comprehensive is a high level of protection that will mean if you do get into an accident you aren’t going to risk a big payout. If you have employees using company cars, then they will need their own insurance. However, the big exception here is if they are delivering goods in which case you will need to get specialist insurance. 

Professional Liability

You might have heard this called errors and omissions insurance, but it is more commonly referred to as professional liability insurance. It means that you are protected if you make any mistakes or you fail to perform in your business capacity. There isn’t a single answer here as to how much coverage you will need, and it will depend on the type of work that you do. For example, if you are running a construction company, then builder insurance from Rhino Trade Insurance would suit you perfectly. 

Property

It doesn’t matter if you own or lease a space you should do your utmost to keep it protected. This is a hefty insurance, not in terms of price but in terms of the coverage that you will get. It covers your signage, furniture, inventory, equipment, and theft. More often than not you will find that acts of god and some extream weather conditions will not be in that package – but if you live in an area where this is possible, then you should seek extra cover. 

Workers’ Compensation

This will only apply to you if you have employees. But if you are thinking about hiring, then you should also consider that fact that you will need to have them covered in the case of an accident, death, disability and medical treatments. Even if the work doesn’t appear risky at first glance, you might be surprised just how big of an impact an RSI or a fall can have on your finances if a claim is filed. 

Home Business

So many people that work from home make the mistake of thinking that because they aren’t in a and office and they don’t have employees that they don’t need to consider cover. Don’t make that mistake. Homeowners policies won’t cover any of your work-related equipment unless it isn’t just used for work purposes, and then you might be able to have it covered. You’ll need to speak to your insurance company about it. 

Your most significant investment is you and your business, so you should always seek to have them covered for as much as your budget will allow.

 

_______________________________________

Photo by Henry Hustava on Unsplash 

Comments are closed.