SME: Which Insurance Do You Need?
As a small business, it can be hard juggling your workload; your finances, your customers, your staff, where do you start?
Well here at Insync, we’ve got your insurance needs covered. Whatever type of business you are running, whether you’re self-employed or a business owner, we can help. That’s why we’ve created this blog post to give you an insight into which types of insurance you might need.
- Compulsory insurance – there are some types of insurance that are required by law, Employers’ Liability for example. This covers compensation for employees should they become injured or get ill through work. The costs of this cover will vary depending on the size and nature of your business.
- Liability insurance – in addition to employer’s liability, business owners should consider public liability insurance as this covers compensation for the general public, should they incur an injury, damage or death due to your business. Similarly, product liability insurance protects the general public from faults in your products.
- Property protection – you may also choose to protect your business premises, stock and equipment from unexpected disasters such as fire, floods and theft. These incidents may leave your business unable to operate which is why they’re advised assets to insure. Business interruption insurance is an additional cover that is often sold to enable your business to continue trading.
- Cyber insurance – cyber insurance is becoming increasingly important in today’s digital world as attacks are becoming more and more compromising for businesses. Insurance costs typically vary on the amount and type of data held, and cyber insurance can provide cover for business interruptions, data breaches, cyber extortion, media liability and some third-party costs.
- Protection insurance – many businesses see their employees as a priority and protect them with cover such as life insurance and critical illness cover. These policies pay out if your employee falls ill or passes away while under employment by your business. If an employee has had an accident or are sick and cannot work, then income protection covers this by paying them a regular benefit.
- Motor insurance policies – if your business operates using vehicles, you may wish to consider specialist motor insurance policies.
- Specialist areas – depending on the business you operate in, there are many other forms of insurance which can protect your investments, finances, and other assets. It is important to insure anything that cannot be planned for or that may be detrimental to your business.
If you would like more information on which insurance your business needs, or for a free business quote, then contact Insync Insurance today.