All business owners are looking for ways they can save money in the current day and age. And who can blame them? Times have been hard as of late. In order to survive, let alone progress, companies need to minimise their expenditure as much as possible. Nevertheless, it is not as simple as making cuts anywhere. You need to be mindful. One area whereby you simply cannot afford to compromise is when it comes to business insurance. This is not a luxury, it is a necessity.
Evidently there are lots of different types of commercial insurance available at present – as will be explained later in the article. But before moving onto that let’s establish what most businesses need protection from…
- Theft– Unfortunately all businesses are susceptible to the ever growing issue of theft. Business insurance can ensure you are protected should any equipment be stolen.
- Catastrophic Loss– This can encompass anything from damage caused via a flood, to a fire, to a hurricane. These catastrophic events can end up in a business having to close. However, business insurance ensures this does not need to happen.
- Litigation– In the modern day it is definitely fair to say that we live in a litigious society. Insurance can ensure that you are protected to the damages that arise because of this.
- Liability– If a customer or an employee or anyone else slips and falls whilst in your business premises then you can be in serious trouble if you do not have insurance in place.
- Personal Injury / Illness – Last but not least, you need to be covered in relation toall medical costs regarding your company.
As you can see by the five points just mentioned; there is a lot that needs to be covered in the world of business. Therefore there is an array of different commercial insurance policies you need to bear in mind…
General liability insurance
Firstly, there is general liability. This relates to anything to do with the legal side of things, e.g. the litigation point mentioned. It can also protect in relation to theft, property damage, medical expenses and alike.
Worker’s compensation insurance
This is a necessity for a business that contains a significant number of employees as it will cover any on the job related injuries.
Product liability insurance
If you sell a product then it is highly recommended you seek product liability insurance. This protects the safety of your product. Therefore the level of coverage is dependent on the type of product you are selling. For instance, if you own a clothing store then it is unlikely you will need a high level of protection.
If your business boasts company vehicles then auto insurance is a must. It will cover any repair costs or any damage caused on the job.
Commercial property insurance
This encompasses everything related to your company’s property. Therefore it can cover the catastrophic loss factor, i.e. damage caused by fire and alike. Nonetheless, that is not all this covers, it can protect you from vandalism to loss of technology. The possibilities are undoubtedly vast.
Evidently there are a lot of risks to your business. Hence there are many different insurance policies you need to consider. This is why you need to seek the aid of financial planners, such as Taylor Brunswick. This group of professionals is your answer to the best financial planning and opportunities for investment Hong Kong. They will assess your company thoroughly in order to come up with an insurance plan that is entirely catered to your needs.