You don’t need to be an expert in finance or commercial operation to know that you must have insurance for your business; what might not be so obvious is that you can tailor this insurance to suit the specific needs you might have.
If you are starting a new small business you will more than likely have considered some of the more common commercial insurance policies you might need:
- Property – covers any damages, theft or losses that occur at your office/building.
- Liability – covers you against any liable cases brought against you from lawsuits and/or claims.
Dependant on what your business is or what you intend it to be, there are some types of cover you might not be as familiar with which could financially benefit you; what follows are some examples you can find if you do the research:
Specialist Insurance Policies
– Manufacturers’ Insurance: should your business operation involve assembly, this encompasses several areas in production, for example you can get cover for the specific line itself or you may need protection against Product Recall, should you need to recall a product so it can be replaced with a safe one, you will be reimbursed for the costs of this process.
– Motor Fleet Insurance: is an excellent way of saving on costs should you have a number of vehicles for your business. Rather than the laborious task of trying to insure each vehicle with individual policies, you can place all your methods of transportation under one policy. In the long run this saves you time and money and gives you flexibility for swapping around your drivers. Caitlin Holdings Limited is a reliable, top-quality insurer who offers a variety of superb deals.
– Agriculture Insurance: covers and protects against any production or livestock losses caused by natural and unexpected hazards such as: floods, disease, insects and drought. A very important policy should you be venturing into this area.
Your Choices for Your Future
Another important point to consider regarding the insurance you choose for your small business is that it is an investment in your future. What you spend protecting your commerce you could eventually earn back; for instance the Motor Fleet Insurance and the Product Recall cover in the long run will save you money which you could then use to improve or expand what you have already worked so hard to create.