BRISTOL, ENGLAND, February 22, 2013
/24-7PressRelease/ -- Take a look at your business from a different angle - it's a culmination of all your ideas, time and money. Any home-based or
small business which doesn't consider insurance for their business is putting their hard work - and livelihood - at risk.
If you have insurance for your home, in the same way, you should be protecting your business' assets as well as you and any staff from liability claims. If you employ even one person under a contract of service or apprenticeship, it's a legal requirement that you provide cover for them should they be injured or suffer damage to their property as a result of working under your direction.
Although not compulsory, if you design, sell or supply products to customers or visit customers' properties as part of your business activity, you should consider products and public liability. If a customer considers you to be responsible for injury or damage to their property they could sue you for compensation.
You may not want to think about the worst case scenario but ensuring you have the right insurance could protect your business from losing money, valuable customers or reputation should it be affected by fire, flood or theft or costly compensation claims.
More and more customers are using the internet to search for
business insurance, including price comparison sites, and taking what they consider to be 'cheapest' route by purchasing online.
However, it important that you fully understand what covers you need to prevent putting your business - and livelihood - at risk.
Top tips when buying business insurance
- Look for a reputable insurance provider who understands your industry sector
- Always provide full details about your business assets - insufficient details could invalidate any claims you may need to make
- Read any policy documents carefully to check the covers meet your risks - it's your responsibility to check any exclusions or assumptions and the level of excess you'll need to pay in the event of a loss
- Review your business insurance cover on a regular basis - if your business activity changes e.g. if you take on additional staff, clients, equipment or premises - it's likely that your insurance cover may need to be updated as well
- Keep any receipts or invoices of any business equipment - it'll help any claims you need to make under your contents cover
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