Having insurance for your business is vital as it can protect you against everyday risks that could hurt your business. These risks include employee mistakes, stock mismanagement or premise damage. Credit insurance brokers can use their expertise to negotiate the best insurance terms for a business.
Business insurance can protect assets and employees, give peace of mind, attract new talent, retain existing talent and add credibility to your business. If you understand the importance of insurance for a business and know how to select the appropriate coverage, businesses can better navigate uncertainties and safeguard operations.
With that being said, let’s take a look at 4 types of insurance that your business should acquire in 2024 to best protect it.
Public liability insurance
If your business often comes into contact with people of the public, then this insurance should be a key consideration. This includes whether or not the contact is at your premises, a different premises or on the street. Public liability insurance can help you against several things, such as compensation claims for injury or damage made by clients, customers, suppliers or anyone else.
Claims of this nature have the potential to cost thousands, and sometimes even millions. If you do not have this sort of finance, you must get this insurance.
Employee’s liability cover
Depending on where you live, you are likely legally required to have an employer’s liability insurance policy if your business employs staff. This allows team members who have suffered an injury, illness or damage while working to have their compensation claims covered.
Companies can be exempt from this requirement if they only employ close family members. You can check the Health and Safety Executive guidelines to see if your business needs this cover, or you can seek professional advice.
Business buildings insurance
Business building insurance should be a priority whether or not you work from home or have a specific premises that you work from, such as a shop or office. If you don’t have this insurance, your property and belongings are not covered by damage from fire, floods, storms or any other accidents. Having the insurance in place ensures that the bill for the repairs doesn’t fully come out of your pocket.
If you rent the premises, you should make sure that you check with your landlord to see what’s covered. This can help you best decide what insurance you need and if business building insurance is required for your business.
Export credit insurance
Export credit insurance can help businesses expand into new territories with security. It provides cover for your business if you are owed money by customers for your services or goods. Several risks come with exporting, such as political risks, currency transfer issues, civil unrest, debt recovery, unpredictable tariffs and language barriers.
Having this insurance in place can protect your business and help it expand it safely without these risks being present. You can get in contact with an insurance professional to see how this type of insurance can help your business.
