SME insurance – are you covered?
By Michael Mekhitarian
When you’re starting out as a small business, there are so many things to consider …
And insurance should be top of your list.
Because when it comes to insurance – the same principle that applies in our personal lives, applies to our businesses… While we hope that we’ll never need to make a claim, insurance just makes life simpler if something goes wrong.
For example, a fire, water damage from a big storm, or loss as the result of an opportunistic theft.
But how do you know what to insure? How do you make sure you’re not under-insured or over-insured? If you’re renting premises, do you need insurance or are you covered by the landlord? If you have a business loan, don’t you already have insurance tied up with that?
Getting the right advice is critical to ensuring that your business has appropriate cover. Whether you have staff, stock, are providing goods or services, there are specific situations that you need to be covered for, and some of them are compulsory, like public liability and workers’ compensation.
Other insurances are simply good risk management, such as key person insurance, or directors’ insurance.
But don’t rely on a Google search – yes, it can be helpful for preliminary research, but the best way to approach insurance is to find a reputable financial planner or insurance broker who can work with you to understand exactly what you do need, and what you don’t.
Many insurance providers have simplified insurance and package up options which mean that you can have one policy that covers various aspects of your business. You can tailor your options depending on how your business operates, and your likely exposure to risk.
What’s also important is that you understand the fine print in your policy – each cover is different.
When you’ve got the right insurance in place, then you can get on with what you do best, running your business, safe in the knowledge that you’re covered if and when you need to be.
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