The Facts About Small Business Insurance

17 May 2012

Small businesses are the key to any economy. They fill in the gaps that larger companies cannot and provide products and services on a more personal level. Even though their small size seems to make them seem a bit more fragile, there are several tools they can use to protect themselves. Small business insurance is an essential part of that protection. It can help a business stay afloat in the midst of turmoil caused by an accident or financial mix up.

When a small business considers buying insurance, there are several things that need to be taken into account. What are the risks for the business? What do you need to be covered sufficiently in case of a loss? What type of insurance policies are available for your specific type of business? These are all questions that should be investigated thoroughly before purchasing any small business insurance policy. Knowing what is available to you as a small business owner will help you to make an informed decision.

Whether you are a service oriented company or one who sells merchandise, there are several levels of insurance that can by purchased. Coverage can range up to £2 million depending on the level and type of protection desired. Small business insurance can include public liability coverage, damage merchandise/inventory or various types of work related insurance. Public liability insurance will cover costs incurred from someone being injured on the business’s property. For example, if a customer falls and breaks their arm while walking down an aisle where a spill has occurred, this type of insurance will cover their medical expenses and make sure they are well on their way to recovery.

Another form of insurance coverage that a small business may find useful is that which covers damaged merchandise. If merchandise is stolen or damaged due to a fire or other accident, this type of coverage would cover the company’s loss. A service oriented company may have little need for this type of insurance where a small retail business could possibly go bankrupt without it. Protecting a store’s inventory is just as important as maintaining good financial records. It helps to prevent uncontrolled loss due to accidents or other events that are out of the hands of the business owners.

Other types of insurance coverage pertains to the work performed by the business and its staff. This type is mainly used by service oriented companies who complete jobs outside of their office or business location. Accidents can happen to anyone, even professional service technicians and craftsmen. If a plumber or other home repair technician breaks something within the home where they are working, this type of coverage can be invaluable. It can also cover damage to tools or products that occurs while on the jobsite.

Small businesses deserve big business protection. The important role they play in today’s economy should not be downplayed because of their company’s size. It is the heart of the small business that gives them the power to offer quality service and products at a reasonable cost.


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