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02 Aug, 2018|

The importance of getting your Small Business Insurance right

At Anthony Jones, as a small business ourselves, we are aware of the importance of having the right support in place. And that’s no different when it comes to sorting out your risk management and small business insurance.

It’s vital to your business continuity that you understand the key risks that face your business. This will allow you to adequately protect yourself. All businesses are different, and your business insurance needs will vary depending on the type of business you run. That’s why talking through your requirements with a broker can be hugely beneficial when it comes to the complexities of business insurance.

For example, have you considered how your business would survive a major event such as a flood or fire? Yes, your premises might be protected by your buildings cover but the chances are you will have to close whilst the repairs are completed. Could you cover the costs of the lost revenue or the fact that your customers may take their business elsewhere in the meantime? Figures suggest that between 40% and 70% of small businesses fail to reopen after a major disaster, with the reason behind these failures often being underinsurance. There’s also the ongoing risk of terrorism which may not be on your radar but the recent events in Salisbury highlight just how such an event can affect a community and small businesses.

Another area often given less consideration than is needed is Directors and Officers insurance. With the ever-increasing regulation around the duties and responsibility of a company director, it is essential that your directors and officers are personally protected from any claims or allegations of negligence from their decisions and actions taken whilst managing a business. If the directors are key to your success, then having this cover in place will also protect your business in the long run.

These are just a couple of the areas where Business Insurance comes into play but there are many more to consider. Have you thought about cyber insurance and how you’d protect your business from data breaches, losses and ransomware to name a few? Or making sure you have employers’ liability in place if you employ staff? Whilst professional indemnity insurance is essential if you give advice to your clients.

Our dedicated team of small business insurance experts can help you analyse your individual risks and help guide you through which areas of business insurance to consider. Thinking ahead and having the right insurance in place for your business is well worth the investment of time and effort. With so many areas to consider, it really is worth discussing with a broker – you can call us today on 020 8290 9080