Your business must run safely. A lapse in judgement here can lead to customer or staff injuries, fines and even company closure. Of course, keeping any dangerous equipment clean and operational goes a long way in keeping your workplace safe, as does training your staff to use and store any specialist gear properly. In the end, your business must prioritise safety over profits.
However, bad luck can still strike at any time, and there’s only one way to prepare for it; insurance. Adequate coverage for your business means that you, your colleagues and your customers are looked after always. Furthermore, it’s simply a sign of consideration and professionalism. Consequently, here is the bar your business must meet in terms of insurance.
In some cases, insurance is not optional. For example, as soon as you became an employer, you will have been instructed to acquire Employers Liability Insurance in order to make certain that lawful standards are being met. This coverage revolves around the payment of compensation to employees in the event they become sick or injured directly because of their employment.
For every day that you do not hold this insurance when you are required to do so, you can be fined up to £2,500. Obviously, this kind of money will stack up fast, to the point where a budding SME will be well out of their depth financially. Consequently, insurance such as these need to be secured immediately, leaving no time for delay.
Different business have different expertise, and thus different insurance requirements. A business specialising in the capturing and selling of fish will, in certain cases, have different coverage needs than a company flogging electronics. For example, a company relying heavily on computers would need cyber insurance in order to protect their data and digital assets.
Therefore, it’s important to really consider what your business does and where it needs protection. While these do tend to be optional, that doesn’t mean they should be ignored. If you use vehicles, you will require commercial motor insurance to protect your fleet. The list goes on, so carry out your own research based on your business needs to determine what kind of coverage you need.
The Right Provider
Put simply, the more your business is insured, the better protected it is, and your company needs to be as durable as possible if it’s last beyond a couple of years. Consequently, you should pay careful attention to a list of options, instead of the standard models alone. This means looking for better deals from a range of providers.
In the end, you should shop around. To secure the best kinds of deals, you can start with a long-established and trusted provider such as AJG International, will help you with all your coverage needs. Whether you’re an SME or a sole trader, working with this provider will pit your business in a place of strength and resolve from the outset. Ultimately, the best providers don’t just offer coverage, but expert guidance too.