What insurance does my business need?
“What insurance does my business need?” It’s a common question we hear at LARK Insurance, and this is because the insurance landscape is a complex rabbit hole that can have you spending well over your budget before you know it!
However, the truth of the matter is there isn’t one right answer as to what and how much is enough.
There are however, some basics covers which you might want to consider for your business.
Public & Product Liability
Whether your business is big or small, online or in person, you should be considering Public Liability insurance. It covers you and your employees for potential liabilities if harm is caused by your product or service. These liabilities could include injuring someone or damaging property. A claim could be someone in your shop falling over on a slippery surface, or damage caused while you are performing work to someone’s home. Some claims could cost millions, depending on the harm caused or damage done, so it is crucial to consider cover. Find out more here.
Many people ask us, “What is business insurance?” Usually coming as a package of different covers to help insure your business for a range of different risks, business insurance can be a necessity for most businesses. Covers can insure such things as your building, contents, theft, glass, general property. For example, we recently recommended a sign-writer located in Newcastle a business insurance package. If a fire was to start in this client’s workplace and they lost all of their stock, printers, machinery and office equipment, the business insurance policy would help them to replace all of the lost items and keep them in business..
If a fire was to start in your workplace and you lost everything, have you ever considered how you would keep the business going? The Business Insurance mentioned above will help recoup the costs of the physical assets, but what will happen with the lost income? What about the increased cost associated with running the business after the fire? Business Interruption cover can help you to cover the lost revenue and these additional costs so that your business can survive through the event. Read a bit more about business interruption insurance here.
Does your business have a website, hold customer details or process customer payments? Then you may be at risk of a cyber attack. Particularly, with more and more people working from home, cyber attacks are happening more and more often. The repair and legal costs can add up very quickly and really hurt your business. If a cyber-criminal was to gain access to data base and hold it for ransom, a cyber insurance policy can help cover the ransom costs and save you from losing your business. Check out some further information on cyber insurance here.
These are some of the more common covers that we have found our clients need, however it is important that you speak to LARK Insurance about what you need based on your situation and circumstances.
LARK Insurance is here to provide a comprehensive review of your current insurances and recommend the covers you need at a competitive price. Give us a call today or book an appointment for a cost and obligation free review.