It’s hard enough trading through a recession for most businesses and small businesses, but when catastrophes such as fire, flood or burglary strike they can mean the difference between surviving and going under. Businesses trading in the retail arena also face the problem of accidents like a member of the public or an employee tripping over, falling down or otherwise being injured on your premises.In this increasingly litigious age the threat of legal action is as great a risk to your business as is fire, flood or theft.
Around 80% of businesses affected by any one of the above close within 18 months, and even if the incident is not business- critical, it could be enough of a disruption to normal business operation that will wipe out profits at a stroke. Any prudent business owner needs to be assured that if something potential damaging and completely out with their control does happen, they are at least protected through adequate office insurance. Ideally, that package should be as comprehensive as possible.Cover such as Employer’s Liability insurance is mandatory if you have employees, but there’s no legal requirement to take out any other package, no matter how good an idea that may be.
Such a complete package of insurance for small business is even more important for SMEs and sole traders, not least because it will save you time in trying to sort out problems yourself.That’s time which would have been expended on your business and that will affect revenue and impact your bottom line. Office insurance should be there to help you get back to normal as quickly as possible.Most decent policies will include contents insurance including glass cover to protect windows.Some will cover money held on the premises and employees while taking that money to the bank.The best providers offer packages that include cover for business equipment at home and personal liability protection.Some packages even include up to £75,000 worth of legal expenses insurance cover in the event of disputes.Invaluable to small businesses are deals that include a free business advice service covering tax and VAT, employment, health and safety and general legal issues.
