Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Just as with your personal life, insurance can play a key role in the continued health and success of your business. The following contributed post is entitled, Insurance To Consider When You Run A Business.
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When you run your own business it can be very rewarding and exciting. However, as your company grows so do your responsibilities for buildings, people, vehicles and lots of other things. You’re the one in charge and also the one who is to blame when things go wrong. So it is important to protect yourself, your business and your employees in the right way.
Commercial Buildings And Contents Insurance
Accidents happen and it is important to be prepared for everything. Also, businesses normally hold a lot of high ticket items in their stores, factories or storage facilities so are a big target for thieves. So when you take out insurance make sure all of your high ticket items are covered as well as making the place as secure as possible. It’s also important for building insurance as disasters can happen at any point from weather or faulty wires so it’s best to be covered for all scenarios.
HGV Lorries And Truck Insurance
As companies get bigger you could have a heavy goods vehicle involved in your business that will move your products for you and distribute them to where they need to go. As it is work-related you will need to make sure you have the right insurance for HGV trucks and lorries. The standard car insurance won’t cut it and there are different rules about driving such a big and dangerous vehicle. There are also added benefits from some insurance as you can only drive a certain amount of time until you need to stop. You may miss delivery times but you can have third party insurance so someone can take over and you can be on the road longer. Read this to make sure you are getting the right type of insurance you need.
Employees Protection Insurance
As an employer, you have to look after everyone that works for you from the high ups to the cleaners. So it is important you have insurance to protect yourself in case that someone becomes ill or injures themselves as a result of working for you. It also needs to cover former employees as they may also be able to claim if they can prove they were ill as a direct result of your company or negligence. There are lots of rules and regulations around health and safety as it is such an important thing that you need to be on top of as soon as you start employing people. So being insured fully and by the right company will help you if things ever go wrong. The pandemic has seen an increase in safety concerns so it is a very hot topic right now. You want to be protecting your employees at all costs.
There are lots of other different types of insurance you may need to consider depending on the type of business you have. Different business sectors have different rules and requirements depending on what you are working with. These are the basis for all companies to consider.