Ensuring you have the right amount of business insurance is an absolute must for any organisation, especially in this fast paced world with such a lot of fraud and anti social activity affecting everyday operations. Business insurance protects against financial losses that are the result of accidents, property damage, legal claims against your company or maybe staff illness. Obviously whilst just having insurance can’t stop all the evils from happening, it most definitely helps to cover unexpected costs and keep the company running. However, despite it’s critical importance, many companies do not have insurance, with a staggering 80% who are under insured and one in ten at risk of going under because of being hit by huge claims. There are so many possible heads of claim from fire damage, customer injury, employee sickness etc, the right insurance can protect company assets and secure the business’s future. At the end of the day, those premiums, which to an unwise businessman will seem like a luxury and which he will easily leave off as ‘never likely to be needed’ . . . it can be seen immediately when things go belly up, how invaluable insurance is when it becomes necessary to claim.
The qustion, ‘why would I need busiess insurance’ could be summed up in three ways: it protects against financial losses; it emphasises credability and can be considered to aid growth. It is not actually required by law but in an unexpected crisis when substantial setbacks come thick and fast, business insurance will cover much of the costing, keeping the business afloat and sustaining it’s credability. This gives peace of mind. It highlights how the business is run responsibly and that it cares about it’s employees and customers.