Insurance is one of those things that people hate to think about. When you are launching your own business, it is easy to roll your eyes and ignore insurance. After all, if you covered yourself for everything that could possibly go wrong you would need a huge number of policies and the annual bill would be ridiculous. While it’s easy to understand that point of view, insurance is something that you may resent paying for ?” but that you will end up really appreciating when something does go wrong.
There are a few policies that business owners should get ?” buildings (if they own the building), contents (to cover the tools of the trade, or their stock), public liability (if they have customers that visit their premises), professional indemnity, and employer’s liability (if you have employees, and if you are a not for profit or charity with volunteers).
These policies cover most potential issues, and they don’t have to be expensive. Professional indemnity can be affordable if you take it out of a company that understands your profession well. Indeed, you can often save a lot of money if you join a trade body or governing body associated with your profession, and take the insurance out through them. The insurance company offers discounts for organizations that register through such a body because they have reason to believe that you are more responsible and less likely to make a claim.
The same goes for buildings and contents insurance ?” just as you can save on your car insurance by using immobilizers or by parking off-street, if you invest in making your property secure, insurance relating to it is likely to cost less.
Trademan Saver shared major info that Public liability insurance costs can vary depending on the nature of your business, how long the company has been trading, how many customers you have and the work you do with or for those customers. It’s one thing to cover a small shop, where all you have to worry about is if a customer slips and falls on the way in or if they are injured by the products that you sell (which would really be covered by a different policy), it’s another to cover a martial arts studio where the students spar with full contact. There are cheap public liability policies out there, all you need to do is shop around.
Be sure to shop around every time you need to take out a policy. You will find that you will save a lot more money if you get new quotes every year. Don’t assume that just because you got a good quote from your insurer last year you will save money on them this year. Often, the insurance companies put up premiums without saying anything and hope that you will auto-renew. You may be able to get cheap public liability insurance, or professional indemnity, as a welcome offer from a different company if you shop around.