Small Business Insurance
Do you have small business insurance in place?
Starting your own business is a daunting prospect, to say the least, but surely with the right protection in place, you should be able to proceed with a little more confidence? That’s why you may be surprised to learn that in a recent survey by AXA UK, only 26% of small business owners had small business insurance cover in place [1].
Do I need small business insurance?
As any small business owner will know, when things go wrong, the costs can quickly add up. Insurance for small businesses comes inmany different forms, with a wide range of product types to provide comprehensive and tailored protection. To protect your business from all angles, your policy is shaped by a range of standard and optional cover features that best suit your requirements.
Protecting your small businesses
We know that it can be tricky to estimate the types and levels of insurance cover your new business needs when you’re just starting out. That’s where Caleb Roberts can help. Our dedicated team will work with you to pinpoint the types of liabilities that will apply to you, taking into consideration the products and services you provide and how you deliver these. By taking the time to learn more about your business and the risks that you face, we will then be well equipped to source a policy that offers the protection you need
What happens if I don’t have small business insurance?
Most small business owners are legally obliged to have certain cover features in place. For example, most businesses with over one employee require Employers Liability cover. Without this, not only are you leaving your business at risk should an employee take legal action against you, but you could also be at risk of hefty fines of up to £2,500 a day.
If you choose not to invest in insurance for your small business, you’re leaving your enterprise vulnerable to things like theft, damage to your premises and even cyber crime. For public-facing businesses, even something as simple as a trip or fall in your business space could result in an expensive legal claim. Without public liability cover, you will need to pay for defence costs out of your pocket.
Want to know more about ensuring your business has the protection it needs? Speak to an advisor at Caleb Roberts today on 0330 175 8779.
[1]insurancebusinessmag.com: Very few small firms have business cover in place.
