7 Types Of Insurance Every SME Needs
Owning a small to medium enterprise (SME) is a challenge in itself- being the best at what you do and competing with much larger entities is the order of the day. But what about protecting your business, your staff, and yourself? That is where business insurance comes in. In this post we will give you the lowdown on the 7 types of insurance that every SME needs.
Public Liability Insurance
What happens if you, one of your staff, or even one of your products causes someone harm? Ensuring you have adequate public liability insurance will help to protect you in the event that something goes wrong. If someone gives a client bad advice, or your product causes damage to property, a person, or even economic loss, this type of insurance will keep you covered financially.
The chances are that if you own your own home, you have got it insured. But what about your business premises? Even if you are working from a home office, you need to ensure that your business has property insurance to cover it and any of your equipment and products in the event of disasters, natural or otherwise.
Worker Compensation Insurance
If one of your team gets sick or has a serious injury that means they are unable to work, this type of insurance can provide you with the financial support that you need. If a key member of staff is put out of action, it can severely impact your operations and worker compensation insurance will help you weather the storm of financial hardship.
Do you use a vehicle for work? Or perhaps you have a company fleet? If the answer is yes to either or both of these questions then you need to make sure you have adequate car, or vehicle insurance to cover you in case of theft, accident, or breakdown.
Business Interruption Insurance
There are many events in life which can crop up and create disaster for the running of your business. These events can interrupt operations and can even result in a substantial loss of profit. Business interruption insurance will protect you, your staff, and your company against the financial loss of events that disrupt your work.
Professional Indemnity Insurance
Should you be on the receiving end of a civil lawsuit, any payout and the costs associated with legal action can be crippling for small businesses. Ensuring you have professional indemnity insurance means that should you fall foul of the law, you can have assistance in covering the related legal costs.
Employee Health Insurance
Your employees are your most valuable asset and ensuring that they are healthy and have access to excellent healthcare is a smart move. Private health plans ensure that your staff can be seen quicker and in better quality establishments, and offering such a benefit to your staff has been proven to increase employee retention.
Whilst these seven suggestions might seem like a lot, it is always better to be safe than sorry!
Click here for a free business insurance online quote today and focus on your business moving forward.