Managing against and for risk is a grudgingly important aspect of a business. It is hard putting money into insurance and wishing you could be using it in other ways, but it is a part of business that must not be overlooked, and you must not cut corners. Unfortunately, insurance is designed to help us on those days that we hope never comes, and yet when it does come, we hope we have insurance. So, it is a bit of a catch 22 that we need to be prepared for. The saddest day is when disaster strikes, and you haven’t got the insurances in place to protect you and support you and see you through. There are several different types of insurance that you will need to have in your business, here are a few.
Protect your business against cyber risks by getting a cyber insurance policy. Because your business will be functioning largely online these days there is an additional risk of experiencing theft, scams, viruses, and ransoms. While these are the same risks a business would face before the digital era, it requires a new set of principles and policies to prepare for, mitigate against and protect. By having cyber insurance, you can at least feel comfortable knowing that you have prepared for such risks.
The building, spaces, and places that you operate from must also be covered by insurance. This could be for damages that your property experiences or from big disasters such as fire, storms, and other disasters. Property insurance covers you for when something happens to your property specifically. Property insurance can cover problems like damages caused by burst geysers and even replacing the geyser itself.
If your company carries debt or you have property loans against your name you must make sure that you have a life policy that will protect you if something disastrous happens to you where you either die, become disabled or have a dread disease that prevents you from working. If this happens you want to make sure there is an insurance policy in place that will pay out the remainder of your debt so that your business or your family members aren’t faced with this debt in your absence. Life insurance is not just for death but in case you are faced with the inability to work by becoming disabled or having a serious illness.
Your company vehicles, like any other vehicle owners, will need to be insured against for damages, accidents and in the worst case, as a recovery if your vehicle is damaged beyond recovery. If you have vehicles in your business, then you will need to accompany that will vehicle insurance in case any of these things happen. It is essential that you are not left having to fork out money if you have a major accident and when the time comes for you to do some extensive body repairs you will be extremely grateful that you have the insurance policy in place.
There are more different types of insurance that you will need to have in your business, ask your business lawyer and accountant about them.