You spend years building up your business, therefore you owe it to those that work for you, as well as your nearest and dearest to ensure your livelihood is secure.
Keep an updated asset register, and make certain your business insurance service provider is kept in the loop annually with updates.
Additionally, make certain your business insurance is enough; if you suffer losses, you need to be able to replace it with the same or similar items, and otherwise your losses could be huge.
Down-time as a direct result of loss of a business needs to be covered, as does key person insurance, should someone important in the company or the owner die – this is to ensure that it is “business as usual” until a replacement is found or other methods are put into place so that the business can continue in the same vein as before.
Business insurance combines car, contents, stock, buildings, fleet, marine and other insurance policies into one portfolio. Given that your business is unique, with a unique set of risks, not just any business insurance policy will do. So all you have to do is figure out what type of insurance you need. You can get cover for the following:
In order to get business quotes at the right price for you, we need to know how much the assets you want to insure are worth. This will help the insurance companies and brokers determine how much you pay in premiums every month. These should be covered for the cost to replace and not the cost at which you purchased the item.
This is true for buildings as well. All buildings should be covered for the cost to rebuild and not just their market value as hidden costs, such as rubble removal, should be taken into account.
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To figure out what type of business insurance you need, all you have to do is make two lists. Firstly, list the most expensive risks facing your business (in order of most to least expensive). Secondly, list the most (to least) likely risks. Insure those risks which are most likely and most expensive.
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