When you start a business, you need to think about the present and the future.
When you start a business, you need to think about the present and the future. Leveraging the right insurance policy for your business isn’t always easy; you need to look for ways to mitigate risks, while managing the challenges.
Predicting the future is a difficult task, and best left to weather forecasters. In the meantime, we’ve come up with a simple way to identify the 3 types of categories of insurance your business needs, to protect you from the unforeseen:
- Physical damage to your property or equipment.
- Injuries or illnesses sustained by you or your employees.
- Liability as a result of damages caused by you.
Why do I need business insurance?
While no business is the same, most businesses experience similar challenges. You can protect the future of your business by getting the right insurance policy.
Business property insurance
Protecting your property, and the equipment that makes your business possible, is your first priority. In the event of a theft or fire at your business property, you run the risk of an incredible loss – the kind of loss that could permanently put you out of business. Which is why you need property coverage and business contents. Having this type of insurance, which covers you for the replacement cost of items, will ultimately ensure that you are up and running again in no time.
Business insurance typically includes commercial property insurance as well as business assets insurance. What are business assets? Your furniture, machinery, inventory and raw material – anything that is essential to the running of your business.
Business vehicle insurance
Don’t forget to include your business vehicles when considering your insurance policy. If you use your car for business purposes, make sure that you’re covered in the event of unforeseen occurrences like theft, an accident or a fire. Business vehicle insurance also extends to cover third parties.
Why do I need liability insurance?
If you’re a registered enterprise, there’s nothing preventing a customer from suing you. You might think your business is too small to be sued, but you’d be mistaken. There are many ways in which your business can be held liable for damages, which is why it is highly recommended that you have some level of liability cover.
The bottom line is anything can happen and you need to be prepared. Instead of waiting for a major claim to devastate your company, play it smart and get liability insurance.
Protecting you and your people
To keep your business running, you need to protect your greatest resource – your people. Employee group accident insurance will protect against work-related injuries. If an employee dies as a result of a work injury, insurance can provide compensation to the family. Work injuries are not always something we want to think about, but they are something we need to consider sooner rather than later.
Understanding what kind of insurance you need is just the beginning of securing the future of your business. Why not use the most instant on-demand insurance you can get? Protect your business assets instantly with Infiniti Online – South Africa’s easiest, fastest business insurance. Get a 100% obligation-free quote today.