As a business owner, it’s your responsibility to ensure that all aspects of your company covered in the event of an accident or emergency. Providers like AXA have an array of policies all suited to different kind of businesses. Here’s what you need to know about protecting your business.
Working from Home
It’s becoming more common for entrepreneurs to work from home, given how costly it can be to lease the necessary office space. While certain home insurance providers include protection for business owners in their agreement, this basic coverage is often limited and omits features such as protection against damage that occurs on business trips or any defence against potential liability claims. Even if your business is just a small start-up, you can quickly start to amass several thousands of pounds worth of technological equipment or with any product inventory you have stored at your home. If this is the case, consider taking out an additional all-risks cover.
Working on the Go
If your job requires you to frequently travel to meet clients, it’s import you take out some kind of business travel insurance. Your standard insurance typically protects you against health issues, cancellations, and can also replace any items you need for your work should they be damaged, stolen, or lost. Keep any receipts you receive for business transactions will need to be kept and passed on to your insurance company so that they know how much item costs. If you accidentally undervalue them, you’ll be left without the full compensation whereas overvaluing them will result in higher premiums. Business travel insurance can also be extended to any employees you have working for you.
Working as a Team
Whether you as a team or often meet businesses partners or in your home, you should consider taking out employer’s liability and/or public liability insurance. While this is not a legal requirement, this cover will protect you against loss or damage resulting from a claim made by anyone with a connection to your business. They money can be used to help cover any legal fees and other expenses that occur if you have to defend a claim.
As with everything in life, if a deal seems too good to be true it probably is. Always check the small print and don’t pay over the odds on features you don’t need. The time you spend researching the various options available to you will be worth it in the long-run.
