Estimated reading time: 3 mins
2020 has been an extremely difficult year for many businesses. Back in January, everything was running as usual. We were making plans for the year ahead. We were implementing changes that could see our businesses make more profits. We were making sales and many of us were keeping afloat or thriving. But the coronavirus and Covid-19 pandemic saw all of this turned on its head. Stay at home orders and social distancing measures meant that many of us and our staff were unable to work on-site – whether that was in offices, traditional brick and mortar stores, factories, warehouses, or other commercial premises – in a bid to slow the spread of the virus. Many of us were no longer able to make sales. Some of us attempted to operate online, but saw a dip in sales regardless, as others were losing their companies and jobs and were consequently reluctant to spend any money on non-essential goods. All in all, businesses of all shapes and sizes, operating across almost all industries, fields and areas of expertise, have suffered greatly. If anything, we’ve learnt that you can’t anticipate disaster. Sometimes, life takes a direction that can cause your business to suffer, no matter how well things may have been going. The success of your business doesn’t always lie solely in your hands and the hands of your staff. Instead, things can happen that really throw you off track and put your company in jeopardy. This year, we’ve really learnt that you need to anticipate all potential problems that could face our businesses and what we need to do to prepare for them and protect ourselves against them. Perhaps one of the easiest things you can do to prepare your business for disaster is taking out insurance policies. There are a number of different policies out there, so here are a few that you might want to consider!
Finding the Right Policies
There are countless types of business insurance out there, so it can be hard to know where to start looking. Make sure to browse multiple Insurance Brokers to find the best deal available when you do settle on which types of insurance to take out!
Commercial Property Insurance
One key type of insurance that you should make sure you have if you own your own commercial property is commercial property insurance. Put simply, commercial property insurance will protect the physical property your business is located at against a wide range of threats. You never know when your business may become subject to fire and fire damage, flooding and water damage, acts of vandalism, environmental disasters like trees falling and damaging the buildings, or anything else. There are a lot of threats against any building and it’s important that your business’ physical premises are covered against all of them. Nowadays, many businesses owners think that they don’t need commercial property insurance, as they are based online. But chances are you have some sort of commercial premises in use – this could go beyond an office space or a brick and mortar store. It could include warehouses, properties used for storage that you may own or anything else. Any major occurrence damaging any of your commercial premises could potentially cause your business to go under, as repair and replacement costs can skyrocket. So, make sure to take out a policy that will cover all damage in all events.
Commercial Contents Insurance
If you don’t actually own the building or buildings you operate from, the owner you’re renting from should cover commercial property insurance. But you should still invest in commercial contents insurance. This is something that people who own their commercial property and people who rent commercial property need. Commercial contents insurance covers the contents of the property you insure. This could range from office equipment, laptops, computers and more in office spaces to stock in brick and mortar stores and storage spaces or machinery in industrial spaces like factories.
Indemnity insurance or “professional liability insurance” is an insurance policy that will help you to protect yourself in cases where you may be accused or found to be at fault for things such as misjudgment, malpractice or errors, and omissions. If your business offers any sort of expertise, advice or similar service to customers or clients, this really is an essential.
These are a few different types of insurance that every business should consider. Each comes with huge perks that are more than worth the investment! So, browse policies and find the most comprehensive cover at the most reasonable price possible.