Insuring and protecting your business

6953770941_ea4f3c8b0dNo matter where you are in the world, the need to protect your business is always important. Your business is a direct reflection or connection to your personal financial success. When facing difficult costs and expenses, you are the one who often feels it the worst. More than just being the owner, you clearly have a strong need for the business to do well.

With this in mind, here is a quick look at the various forms of available insurance for business, and why you should be investing in such protection. Whilst the simple matter of insurance itself is easy to understand, the argument being that it costs a little to protect yourself against a greater potential, it helps to understand and appreciate what risks are involved and just why such financial protection is important.

In some cases, many of these may be compulsory, but even if they’re not, they aren’t a bad idea either. These all cost a little, but they save you lots of money when you look into the costs you could otherwise end up facing.


Virtually every business can, at some point, be at risk of liability. All it takes is one unhappy member of the public, in the case of public liability, or a dissatisfied employee, in the form of employer’s liability. In both cases, causing injury, damage or other circumstances can lead to liability; if found guilty, the compensation can be expensive.

Fortunately, there is specialised insurance for both public and employer’s liability. Both are recommended, unless you don’t employ someone, to cover yourself from all angles as far as liability claims are concerned.


Mistakes can happen and, when they do, some customers or clients can be very unforgiving. When dealing with indemnity cases, the costs can easily soar. As such, specialised personal indemnity insurance is perfect for both small and large businesses. It only takes a single mistake or error to cause indemnity, so it’s something you might want to be prepared for.


Finally, don’t forget that many of these forms of insurance can be used as assurance. When dealing with customers and clients, the right insurance shows you are serious. It also offers a security blanket for both parties involved. Should the worse happen, the client knows you have the insurance to help you pay and you, on the other hand, aren’t faced with all the costs to bear by yourself.

So there it is, a comprehensive summary of the key forms of business insurance that as a business owner, must not be taken lightly. After all, your business is your baby and you cannot afford to let it be destroyed by misfortune or disorganisation. The perils of failing to insure your business is by no means a risk worth taking.


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About cashflowkiller

Hi! I’m James and am passionate about my small businesses. A strong cashflow is vital for us so I will be curating the latest on cashflow and business news.

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