Dear Business Owner, Do You Have The Correct Insurance Cover? Part 1.

Did you hear the one about the business owner who said insurance was to expensive? No, me neither.

We have all been ingrained with the notion that it is as important as breathing to get insurance. Car insurance, home insurance, pet insurance. These days, there is even cancer insurance. Why that is a separate rate is beyond me. Of the 26.5 million households in the UK, it is estimated over 80% have taken out at least one form of insurance.

So, do you have the correct insurance cover?

While some of the aforementioned may seem trivial and ridiculous, in your businesses, you know the value of insurance cover.

The principle of insurance represents trading the burden of future risk for money today. Regardless of if it is a life long pursuit or something to wile away retirement periods, having the right insurance for your business is vital. Nobody plans for things to go wrong, but with a well chosen insurance plan, you won’t have to worry if they do.

Generally, no two businesses are 100% the same, but as long as you have employees, a location and/or a structure, you need a level of insurance cover. Looking up insurance quotes online or calling any of the numbers plastered on TV screens every day, you can get a quote. But the type of insurance and the level chosen will be determined by the company structure, location, presence of employees, presence of merchandise etc.

Fun fact: I wonder which of the 320,000 people employed in the UK insurance industry I can talk to about alien abduction insurance.

Buildings Insurance.

By law, your business premises must be insured against all threats; fire, floods, burglary, etc. If you run your business from your home – ask your insurer for a combined policy. If you rent a space, go through the terms of the agreement with the agent or landlord, to be sure of who is responsible.

Some insurance companies won’t insure your premises if you don’t have basic security measures in place. Roller shutters, CCTV, alarms etc., are all necessary, especially if your company has a ‘shop front’, companies which carry merchandise and products stored on the premises.

Contents and Assets Insurance.

Your company assets, your equipment; computers, tablets, fittings, lighting can cost with setting up a business costing up to £300, 000. It only makes sense to insure the equipment that generates an income for you. Be mindful to insure for the full value, and don’t underestimate the value – remember that the cost should reflect the replacement cost.

Examine your business and see if you move equipment off-site. If you do, you will need a few clauses added to the terms of your contract.

Goods In Transit Insurance.

In the case of goods sold, the seller’s insurance bears the cost of goods lost or destroyed in transit. Bear this in mind, if your company is responsible for delivering finished goods to customers. It is a mandatory policy that must be taken. If the goods are delivered by another company; ensure that they have the right kind of insurance in place. All contracts must be explicit and show who is responsible in the case of loss or damage of goods.

Insurance is a necessary cost of doing business in many parts of the world. These are three of the five most important covers any business in the UK must have before starting operations. With some providers, they combine policies to make it easier to manage. Insurance is set up to protect you and your business, but we urge business owners to always read the fine print to make sure all terms and conditions are favourable.

At SRL Limited, we supply roller shutter doors that meet industry specified standards. Contact us for security doors in steel or aluminium, insulated or non insulated, remote controlled or manual opening security doors. Our roller shutters are built to meet the most stringent industry standards