Choosing Small Business
Insurance: A Practical Guide

Starting your own business can be a very busy job, with lots to think about, including hiring and managing employees, providing excellent customer service and building your customer base, marketing your brand, products and services, managing payroll, developing new products and services, and staying on top of your business budget to name a few. Staying on top of everything is not always easy, and it’s not uncommon for business owners who’re trying to juggle everything at once to forget about some important aspects of running their own company. For some, business insurance might be one of the main things that get overlooked, especially if you run a business that doesn’t pose a direct risk or where insurance is not obviously needed.

However, whatever type of small business you run, you can benefit from having the right insurance coverage. Here are some of the main things to consider when choosing the right insurance for your business.

Why Businesses Need Insurance

A business liability insurance policy is necessary for the vast majority of businesses today. The idea of getting this insurance is to make sure that your company is financially covered against issues and situations that you would otherwise not be able to afford. Public Liability and Professional Indemnity insurance policies are typically required for the majority of small businesses today. These insurance policies will cover you in the event of your business being found liable for causing damage, harm, injury or loss to a third party, and ensure that you are covered financially against any legal claims and costs that your business faces. Depending on the type of business that you run, there are various other types of insurance to consider such as product liability insurance and medical indemnity insurance. Check out Next Insurance to learn more about business insurance coverage and the various different types of business insurance that you might need. You can use Next Insurance to find out more about the types of insurance your business may benefit from and get a quote.

Protecting Business Assets

Along with ensuring that your business is covered in the event of a legal claim, it’s important to ensure that business assets are also protected. Property and equipment, for example, can be costly to repair or replace, and it’s important to get the right insurance policy that will pay out and make sure that your company can continue running smoothly in the event of damage or theft. If you own or rent a business premises that your company operates from, you will need to take out a business insurance policy that covers the building if you are the owner, any equipment that you keep on site, and any inventory that you store. For some types of equipment and machinery, getting insurance that includes breakdown cover can be a handy choice for peace of mind, and will ensure that your company can continue running smoothly regardless of the situation.

Protecting Data

Data has become one of the biggest assets that a small business can own today, and it’s worth considering the option to insure your business against cyberattacks and data breaches. Cyber liability insurance is becoming more and more essential for every type of business. Even if you are not running a company that collects huge amounts of data, any amount of data on your customers and employees could become a target for hackers. This type of insurance will offer peace of mind and protect your business financially in the event of a data breach, which can help reduce the damage your company suffers and protect your reputation.

Vehicle Insurance

Finally, consider if your business makes use of commercial vehicles, and how these are going to be insured. There are several ways to do this, including providing the insurance yourself or requiring that employees get business insurance for cars and other vehicles that they use for business or work purposes. Commercial insurance is typically only required when a vehicle is necessary for the employee to work. It will ensure that your business is covered in the event of road traffic accidents, damage to, or theft of your company vehicles.

Whatever kind of small business you run, there are always several different insurance policies to consider, to ensure that your company is covered for every eventuality.