Many small businesses out there are facing numerous difficulties of late. Between the turmoil of Brexit causing large scale disruptions and an uncertain economy, SMEs need to be stronger now more than ever. There’s a lot on the line and more risks than usual, but with the right-minded workers and company owners, it’s nothing an SME can’t conquer.
One of the sure-fire ways to operate an SME safely and legally is with the right insurance. Think of it as a kind of metaphysical body armor during your day-to-day operations, and any you’ll soon find that any problems that arise can be more easily solved.
Consequently, here’s a quick list of some of the insurances you’re bound to need as an SME owner.
Employer’s Liability Insurance
Whether you’re running a big business or a small firm, or have employed two staff or two hundred, the rules are here are always the same; you need employer’s liability insurance! There’s no wiggle room nor a chance for negotiations, it’s mandatory insurance that you’re legally obliged to sign up to. Do so!
This will protect cover any expenses involving accidents and injuries should you, your staff or customers come to any kind of harm. If you’re discovered to be operating your firm without this essential insurance, you can face severe consequences ranging from astounding fines to business closure, to serious criminal convictions. Consequently, the employer’s liability insurance should be the very first thing you look into as an SME owner.
Commercial Motor Insurance
If your SME uses vehicles in any kind of business capacity, then another obligatory insurance you must have is commercial motor insurance. That means from fleets of taxis (it covers fleet insurance) to one or two trucks, you’ll need this coverage if your small firm is going to operate in a legal, safe manner.
Again, you should have secured this insurance before you started operating with vehicles, not after! Moreover, this kind of coverage will help you if accidents occur on the roads. Depending on the level of cover, it can help if your drivers are injured during their journeys, or if your vehicles have become damaged in some way. Keep everyone as safe as you can, and your SME will be just fine too.
Commercial buildings are prone to many of the same issues that domestic buildings are. In fact, if you’re SME is storing highly expensive and specialist equipment, there can be more risk of damaged property too. Consequently, property insurance is the next key coverage that you need to secure. It’ll minimize the sting of any costs involved if you’re premises is damaged and will ensure repairs and replacements are carried out quicker, whether theft, vandalism or even a fire has taken place.
For example, you could rent out temporary buildings from a company like Neptunus after property damage at your usual premises. Thereafter, the property insurance can just help you to ensure things go a little smoother and bring calm to the situation at hand. You’ll have a place to move to while you’re waiting for all the amendments to be ironed out, and you won’t be frantically rushing around and making desperate, frantic calls. This insurance is optional but highly recommended by most in the SME arena.