Small business insurance is a valuable protection for your business. It helps to support your business financially in the event of claims for losses or damages. It can help keep businesses afloat or get them back up and running. Some insurance policies will provide cover when a business has to close unexpectedly and can be crucial in ensuring you don’t have to shut up shop permanently.
Some types of small business insurance may be mandatory dependent on your profession and also simply by law. Employer’s liability insurance, for example, is not an option if you have any employees and you legally must have this kind of policy in place. Other types of cover may be optional, but they can protect your business in the event of:
- Unexpected business interruption
- Damage to your property or stock
- Claims made by customers or other third parties
Do I need Specialist Small Business Insurance?
There are general business insurance policies on the market, but most insurers have moved on to provide more specific options for certain types of business. The small business insurance you need will obviously differ whether you run a café or a marketing business. Considerations such as your business premises are relevant and individual risk assessments are key to ascertaining the insurance you need.
You need to assess the risks that your business faces and choose the right insurance based on that. Small businesses that provide advice and professional expertise such as accountants will certainly want to consider professional indemnity insurance, whereas if you run your own small bakery, this is less important, but you will need to look at employer’s liability to abide with the law should you employ any staff.
Working from home does not mean you do not need small business insurance. You should still consider protecting your business and ensuring you have a safeguard in the event of unexpected events.
Small Business Insurance with Just Quote Me
We work with many businesses on a daily basis helping to find the right insurance for their needs. Just Quote Me can offer quotes from a range of providers, giving you a range of options. Contact us today to look more closely at your small business insurance options.
