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OPTIONS FOR SMALL BUSINESS INSURANCE Finding the right insurance cover for your small, medium enterprise can be quite a daunting task as you have to search and compare quotes from insurer to insurer. Finding the right level of cover can be quite a burden. The policy providing products liability would provide cover to protect the public against the products, goods or services provided by the policyholder. The insurer should also be able to provide Professional indemnity. This provides cover to any loss that can be caused by breach of professional duty, or negligent advice given to third parties. When taking small business insurance it is always good to check the excess fees on the premium. If a disproportionate amount of excess on claims is being asked, avoid taking that particular policy unless this is reducing the overall cost of the policy. A history of no claims will also help in reducing the cost of premiums. Make sure your business reflects a case of no claims. Speed up the process of making a claim by making a record of any useful information you think might be useful should you need to make one. During your survey of the various insurance companies in the market you may find that many companies don’t provide pre-set small business insurance policies for the simple reason that there is such variety within this domain. This has the benefit that you will only have to pay for cover that fully reflects the risks posed to your particular company. Some of the concerns while purchasing a small business insurance are that as per the law anyone outside your immediate family employed by your business needs to be covered by Employers liability insurance. This will protect you as the employer from any injury or illness liability issues that arise while they are working for you. The vehicles you may be using for running your business also require to be insured by law. You can either get them insured separately or as a part of the package policy. You could also opt for money insurance, though it is not so commonly used. It will provide cover to you if money is lost or stolen from the business premises, your home, and during travel. Public liabilities Insurance will give you cover from any damage caused by or to a third party or their property while conducting your business activities. In a similar fashion Products liability is a useful option for small business insurance as it provides cover from any liability that arises from damage caused by products sold or supplied by your company. Material damage insurance will provide cover to all your material assets such as your property and all of its contents should any damage happen to them. A goods in transit insurance protects your property and mode of transport from accidental loss or damage during transportation. Business interruption insurance will reimburse you for any loss of earnings during periods when you may have to unexpectedly postpone trading. It is always to check out the trust worthiness of the insurer before approaching them and signing them on.
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Chris Hough is author of this article on Small Business Insurance. Find more information about SME Insurancehere.
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