Business insurance is something that many newbie start ups can be inclined to overlook. It is sometimes a fools error to ‘overlook’ and sometimes it can be illegal. There are some circumstances when insurance is needed to comply with the laws on statute. Basically business insurance helps owners and independent professionals to protect themselves and their business against any number of everyday risks. Mistakes, stock or premises damage, legal costs (known as liability insurance). In a volatile business, insrance against business or trading interruptions and supply chain breakdowns can be a critical lifeline. There are so many problems with hackers interrupting some of our favourite companies and their trading has hit massive losses. One particularly huge and a favourite amongst the more well heeled customer has been decimated by hackers.
Not having proper cover in place from day one can lead to nasty fines and a bad name for the business – a poor reputation with the authorities can lead them to be extra fussy when they need to be. Staying compliant is not the only reason though, business insurance offers security for your most important assets and will ensure your business continues if anything unforeseen occurs. However, this is not automatic, or free but needs careful research and the use of a decent broker or agent.
