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What type of insurance does your business need?

By : Cherae Olivier :-

We all know how stressful getting the correct insurance in place can be but even more so for your business. How do you know what type of insurance you need for your businesses size?

The importance of having the correct Commercial insurance in place is specifically in the event of total loss. If you do not have the correct cover in place you are risking the future of your business but smaller and regular losses can also affect the company’s cash flow.

The first step in determining what coverage you need is to identify your businesses risks, for example: Theft, Office Contents, Employers liability, Stock etc.

To identify the type of risk you have you can:

1. Do a manual assessment where you walk through your business premises and methodically go through each department.

2. Review your incidents history and identify the reoccurring events.

3. Speak to your staff and discuss what they see and experience daily.

Once you know your risk, you will have a clearer understanding of what cover one needs. You will then be able to priorities the risk needs and begin to get cover in place for each need.

The following will be a foundation of the type of cover a business usually needs:

1. Office Content Cover

2. Accidental Damage and Power Surge Cover

3. Motor insurance

4. General Liability / Broadform Liability Cover

5. Business Interruption cover

6. Theft Cover

7. Building Cover

Once that is in place, one will then be able to look at your business and the type of service you deliver and add onto the insurance as per what the risk is.

One also needs to bear in mind that you do not need to be over insured, you do however need to be covered.

Commercial Insurance doesn’t need to be stressful, but it does need to be in place. Once you have identified your risk, contact your financial advisor and discuss the needs with him/her. You will then be able to discuss a plan of action and have their guidance in building up your cover.

You will then have peace of mind knowing that your business and you are covered, and your full focus can be on building your business up for future growth and success.

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