It is essential that any business is adequately insured for any risks to which it may be exposed. Many business owners think to cover the obvious things like assets and premises, but often overlook the more complex areas such as business interruption, keyman cover for important staff, and many other areas.

The Partners of Inspired Business Vision have dealt with many insurance cover situations where they were involved with businesses and personally negotiated the cover required for the business. Like any product, price can vary considerably when it comes to insurance, but the over-riding principle has to be that your business is adequately insured for any risk that it may face. If you are not adequately insured, you could lose everything you have worked for if disaster comes your way.

In order to decide on the type of insurance, first identify the risks facing your business and employees.

Certain types of insurance are compulsory for any business and some are required if your business is involved in a particular type of activity or way of operating. Some of the most common types of required business insurance are:

  • employers' liability - although you don't need this if you own the business and you're its sole employee
  • motor insurance

It's important to prepare your business to survive major disruption and to re-establish normal operations as soon as possible after a problem occurs. An effective health and safety policy can help prevent accidents, and a procedure for data backup will help you cope with a computer breakdown. But there will inevitably be events that are out of your control.

In these cases, you may find that having the right insurance cover can minimise disruption to your business. For example, you can buy insurance to help you cope with an unexpected change affecting one of your key employees - like illness, retirement or death. The types of insurance you might want to consider include:

  • fidelity guarantee against loss as a result of staff dishonesty, e.g. theft
  • professional indemnity insurance
  • accident and sickness
  • key personnel
  • income protection
  • critical illness
  • private medical care
  • loss of profits
  • Assets

Other types of insurance will insure your employees against personal risks. Consider cover for:

  • group life
  • personal accident
  • travel
  • permanent health
  • private medical

If you are seeking to attract external investors they will in most case require high levels of comfort with regard to your insurance cover prior to making any investment or loan, it is therefore best practice to be prepared beforehand and give yourself the peace of mind now. Inspired Business Vision are able to organise an insurance audit which will review all covers in place, review their suitability in terms of financial benefit and type of cover provided, and benchmark the policy costs.

Contact Us now to see how we can help your business protect itself and ensure it is adequately insured. We work with our Partners who will provide advice and competitive costs in protecting yourself.

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