Risky Business


If you are a new business owner or considering starting a business, risk protection should be part of your business plan.  It’s as essential as figuring out your cash flow for 12 months and paying your taxes. It is crucial to minimize any risk in your business life.  If you were to drive a motorbike, you would wear a helmet, if you are driving your car you wear a safety belt.  When you are in business for yourself, make sure you  have insurance, so the wheels of your business keep turning, if you have something occur that is out of your control.  Many small business owners do not stop to think about the uncontrollable variables that may interfere with their business.  The results can be like having a biking accident without wearing a helmet.

Here, are just a few types of insurance you might want to consider:

1. Business Loan Protection -To assist with the repayment of business debt

2. Shareholder Insurance -To provide a safety net following the death of a shareholder

3. Key Person Insurance – Protect your business by insuring your Key People.

4. Group Schemes - For companies who wish to offer a group scheme for their employees.

5. Business Interruption Insurance - This  insurance covers lots of expenses in your business in the event of interruption, such as any electricity bill or water bill, phone bills or any other general expenses.

6. Income Protection Insurance - Look after your lifestyle by protecting your ability to earn.

Most small business owners eventually understand the risks involved and they get some form of small business insurance. A problem I often see is, as the business evolves it is necessary to review the insurance covers, to ensure that the business is protected with the best possible solution to suit their needs.  Insurance covers, rules and regulations, are constantly changing and I often find businesses paying a lot more than required with insufficient cover.

Have you had a review of your existing business insurance, or would like a no obligation business risk assessment?  Call Now.

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