An introduction to business insurance

Insurance is a must for all businesses, but it's not a 'one-size-fits-all' buying decision. Make sure you've got all angles covered

Finding the right business insurance can be a difficult and complicated process. There is a certain amount of jargon associated with the area which can put off many small firms. Companies want to buy a policy which will protect them when times are bad, or, if disaster happens. However, thinking about worst-case scenarios is not something which positive, forward thinking entrepreneurs really want to do – you are probably thinking about how your business is going to grow and improve not how it could all go wrong. Disasters such as floods, fires and break-ins might all seem to be both unfortunate and unlikely and something that won’t happen to you.

This section of aims to show businesses like yours what type of policies are available and they can benefit you. Also, it will provide you with ideas and suggestions for finding out what you need, how to keep your premiums down and what the real likelihoods are of disasters affecting you. As an entrepreneur you might see your insurance as one of those unavoidable costs – you don’t much like it but you’ll go along with it. However, for many firms it ends up being their life support. You never know if disaster is lurking around the corner, but it is too late to get cover after the incident has happened.

Nevertheless, insurance is not an area where ‘one size fits all’ – don’t buy a policy unless you really need to. But also don’t fall into the trap of scrimping on costs, as you might find out that you are not covered when the worst happens. As we shall discover throughout this section, it is important to understand your own risks, know what the insurance market has to offer and to thoroughly read and understand any policy before committing to it. Insurance can be a complex topic for some but it isn’t rocket science and you can get it right. Good luck.

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