Having the right insurance for your business is absolutely essential. Whilst everything might be running smoothly now, you never know what is on the horizon, so having good cover could one day be required to save your business. We’re here to cover a few different types of insurance that you should have for your business, however working with a broker who is a specialist in your field would be advised to help you find all the right cover. So, let’s get into it and help you learn a bit about different types of insurance you need for your business.
Credit Insurance
First up, we have credit insurance. If any of your business model requires you offering services or products on a credit basis, then credit insurance is absolutely essential. It provides cover in the eventuality that a creditor can’t pay, for example if the company liquidates. You won’t be out of pocket and if you have a small number of very large clients who you work with on a credit basis, this could quite literally save your entire business one day.
Export Insurance
Whilst we’re on the topic of credit insurance, you should also look into export insurance if you trade internationally at all. Usually a credit insurance policy won’t cover international trade as standard, and as it is more complex as a result of very different laws across the world, you do need specific cover. Losing money through creditors tends to be more common when trading internationally, yet for businesses, it is often one of the most lucrative routes in order to expand their business. So, export credit insurance helps you to expand your business safely, safe in the knowledge that your business is protected should the worst happen.
Public Liability Insurance
Another type of insurance that your business needs is public liability insurance. This protects your business against claims made by members of the public in relation to any accidents that occur in relation to your business. For example, if someone were to slip over in your restaurant. The majority of businesses require public liability insurance in some form, so it is vital that you get the right cover for your business specifically.
Key Person Insurance
Having key person insurance for your business is really important, as it protects the company in the event of something happening to someone critical in your business. For example, if a critical team member were to pass away or become very ill, key person insurance helps to recover some or all of the financial as a result of what has happened. The majority of businesses have at least a few people that the company would seriously struggle without, which is what key person insurance is designed for. Put together a list of people essential to your business, then speak with a broker to find the right cover for each of those people. Whilst we never expect the worst to happen, it’s good to be prepared and to have cover if it should.