Most companies and businesses have some kind of insurance. If you are self-employed or working as a contractor, it’s probably something you need to have thought of as well. Insurance is a very important piece of your employment, used to protect not only yourself in the event of an emergency but also those around you as well. So, let’s take a look at the important things you need to know and look for before picking your own business insurance policy.
Know What or Who You Are Insuring
Obviously, different types of businesses will need different types of insurance policies. Things like Contractor Insurance won’t cover the same areas as musician or entertainer’s insurance. You need to understand the risks and demands of your job – let’s say as a contractor – and understand therefore what needs covering in an insurance policy. We’ll discuss more on these policy features later, but it is still best to go into this process with a good idea of what you think you’ll need and what’s most often included in similar policies.
Discuss Your Needs With an Adviser
The next, most natural step, is to chat with an insurance adviser about your needs. These are dedicated teams based in insurance companies who can talk you through your business, what they would advise you need, as well as the pros and cons of taking on certain levels of cover. Advisers may seem to be there simply to upsell, and while that is something you need to look out for, they will most often be giving honest advice about what your company should be looking to insure.
Look for Important Features You May Need
Often it is the case that the more features your insurance has, the more it costs. This may sound like a negative thing, but before you make your mind up take a look at some common features of insurance policies below. We’re sure you’ll see a use for most of them and consider them worth buying.
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Liability Insurance
Liability insurance is the big one and is often essential in many forms of work. This insurance covers damages done to other people caused by you or your employee’s work. Things like injuries to customers or the general public are covered here.
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Equipment Insurance
Often, companies hold large amounts of expensive equipment. Whether you’re a construction contractor or a restaurant owner, you probably have a bunch of professional gear that you’d like to look after. Equipment insurance can cover losses of or damage to equipment.
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Business Interruption Insurance
Business interruption insurance covers losses that you may make when your business is interrupted through no fault of your own. For example, in the case of illness or if your premises are shut due to a natural disaster. These clauses are important and should be carefully looked over, especially after experiencing the covid-19 impact on business.
Make sure these, and any other features that you think appropriate, are all included in your insurance policy. Making sure that your business is safe and protected against unexpected events is part of being a business owner. Make sure you get it right.
