Small business insurance coverage - a proactive investment that need not sabotage your money saving tips for saving-wise intentions.
Yes, you do you need to safeguard and protect your business and future income earning potential from unforeseen disasters and risks!
Your peace of mind and financial security is well worth the investment.
With some foresight and knowledge about business umbrella insurance, your business insurance plans should complement your long-term savings plan.
SMALL BUSINESS INSURANCE COVERAGE
Where To Start:
Undertake a yearly survey to evaluate the potential risks that your business may be exposed to.
You will need to look at natural risk factors (storms, flooding, cyclones ... ); risks pertaining to crime (like theft, possible hijacking ...) and risks that are accidental in nature (car accidents etc).
You should also try and gauge how likely these risks are tooccur.
Try To Control The Risks:
Once you have established the results of your risk assessment review try and take small steps to minimize the risks.
Consider, amongst others, upgrading your security systems, installing fire alarms, meticulously maintain your equipment and reviewing the collection and delivery of stock.
(By trying to exercise risk control, and informing your insurance company of the steps that you have taken, you should be able to negotiate better premiums.)
The risks that remain need to be neutralized by investing in small business insurance coverage.
Research or get advice:
Review the business umbrella insurance available, either independently or through a financial broker .
Invest in a package that is tailor made to suit your business needs and your pocket.
Should you choose to use a financial broker, select a broker who has had a number of years of experience in your business industry.
The broker should also represent a number of clients in your specific industry.
A financial broker can facilitate potential money saving tips for frugal living by checking that you don't have duplicated insurance cover or excessive small business insurance coverage.
|BUSINESS INSURANCE PLANS TO CONSIDER|
Business Content Insurance:
Public Liability Cover
This protects you against loss or damage to a third party and the third party's property while they are on site at your business premises.
You can also invest in "work-away" coverage if you are a contractor. This protects you, or your employees, while you are on site at a client's premises.
The business liability insurance rate will be higher if you need product liability cover, defective workmanship cover or food poisoning cover.
Fire, Flood And Storm Insurance Cover
This offers you cover against potential damage to machinery, buildings or stock as a result of natural disasters.
Theft cover pays you out for stock and equipment loss in the event of robbery, hijacking or a hold up.
Business Interruption Cover
Should your business be exposed to a significant loss, business interruption cover covers you until you get your business operating effectively again.
This type of cover allows you to pay salaries and operating costs with options ranging from three months to 24 months.
Your insurance company will review yourbusiness's net profits and its operating costs over a specific period of time to determine the premium.
This type of cover is important if your business is dependent on the transportation and delivery of goods or extensive traveling by sales representatives.
Make sure that you fully disclose exactly what the vehicles will be used for and comprehensively motor insure your vehicles.
Email And Internet Insurance
With the increased reliance and use of so many online structures in your business, you may want to consider insurance against your technological equipment due to viruses or even for libel and slander on the web
Human Resource Insurance For Your Business:
Key Person Insurance
If you have a highly trained person with specific niche core skills, then key person insurance will fund the training of a new employee and cover you for interim cashflow losses incurred during this period.
The rates are determined by considering your current employee's remuneration.
You may also want to investigate the option of taking out life and disability insurance to cover your business and your employees in the event of injuries at work.
Contributing towards your employees' affordable coverage health insurance is a further avenue worth looking into.
Small business insurance coverage - no more sleeplessness nights - time to consider your vacation with the family and annual cheap family insurance travel savings.