Ensuring Your Business Is Disaster Proof
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 potentially damaging and completely out with their control does happen, they are at least protected through adequate 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 office insurance package, no matter how good an idea that may be. Bigger companies are often those that have the most comprehensive cover, but ironically in many ways it is these companies that can cope best without it, as they have access to top legal advice and contingency funds anyway.
A complete package of business insurance 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 ordinarily would have been spent on your business and that will affect revenue and impact your bottom line. Liability and even office insurance should be there to help you get back to normal trading as quickly as possible. Most good policies will include contents insurance including glass cover to protect windows. Some will cover cash held on the premises and your staff while taking that cash to the bank. The best providers offer deals that include cover for business equipment out of the office and personal liability protection. Some packages include X amount worth of legal expenses cover in the event of disputes. Invaluable to small businesses are deals that include a free advice service covering tax and VAT, employment, health and safety and general legal issues.
With so many options available to myriad different business types, and so much advice being given right now, there really is no excuse not to do your research and find cover yourself with even the most basic form of business insurance.
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