What many business owners do not realise, especially those that are a very new business is that insuring your business is not simply a one size fits all.
In fact, there are many different parts to the cover and one aspect may be vital to your business but not so much to another business.
For instance, let's say you are a new business, obviously, you probably are a team of one and have no employees, therefore, insurance that protects your employees from bodily harm on the job would be useless to you.
On the other hand, large companies that have warehouses and whatnot, need to have a larger amount of employee cover to make sure if they are hurt, you are protected.
It truly comes down to making sure you as a company have enough cover to protect you in the face of any disaster or accident.
If your business is housed in a building that you own, obviously, you want premises cover, but if you lease a building, then you would want specific cover to protect you from flood or fire damage.
It is important to know the difference, many businesses think because they lease a property, the owner of the building is the one that must insure the building.
Obviously, the owner does have their own set of insurance, but if a water pipe burst one evening and flooded your office leaving all your computer equipment ruined, the owner of the building would not be responsible, unless he or she knew the pipes needed replacing.
You will need to insure against common aspects in a business.
For instance, all your computer equipment should be insured, otherwise you would be out completely if something were to happen to your equipment, such as through theft.
A large business can recover from such a loss but a small business or new business could end up closing the doors before they ever had a chance of realising their dream as a business owner.
Moreover, the business insurance that you choose can make or break your business in the event of a disaster.
For instance, if you have several delivery trucks that take goods to and from warehouses, those vehicles are part of the company and therefore you would need to insure the vehicles under the business.
In other words, you would not want to insure the vehicles under a personal car policy, it simply would not payout if something happened.
The car policy than is a part of the total business insurance package, because you can design it based on what your business needs.
Finally, you want to make sure you have adequate liability business insurance, this protects you in the event of any liability that could arise among employees and equipment.
Lastly, compare plans, remember, you do not have to select the first one you see, you must make sure the details of the policy are what your business needs.
You must protect your business and nothing protects it better than having it properly insured.