Insurance for businesses
Everything you need to know about business insurance to protect both the business and the entrepreneur.
If you own a business, you probably spend a lot of your time designing plans and strategies to market your products, hire new staff, train them, think about the services you offer, improve your social media presence and other activities designed for the sole purpose of boosting your business and increasing sales. And you are probably not giving business insurance the importance it deserves.
It often happens that the rush to have more customers and offer the best products or services makes us overlook necessary, useful and mandatory aspects such as taking out business insurance so that both the entrepreneur and the company are well protected.
A recent study carried out in the United States found that many small businesses do not have the right business insurance. Either because it is insufficient in coverage, or because they have insurance that is lacking in terms of liability coverage, for example. Only a quarter had insurance as a tenant of the premises where their business is located, with the full package of civil liability and indicating the security measures against theft and fire that the premises have. Many insured businesses were found to have made “mistakes” that made no sense, such as declaring glass breakage in businesses without windows in the policy. Or even activities declared in the policy that had nothing to do with the real activity of the business.
Having an insufficient insurance policy, either in scarce or wrong coverages, can be problematic for your company and cause exorbitant expenses that you did not count on.
Business insurance is a vital and indispensable element for all entrepreneurs who have a business, even a small one. It is important to protect your livelihood and business insurance will provide a layer of security and protect you financially if something goes wrong; an accident, theft, water damage, even a natural disaster or even a cyber security breach.
A general rule of thumb is that all small businesses should take out business insurance to protect themselves against unforeseen events that they would not be able to pay for themselves should they occur. Such as damages, lawsuits, etc.
You may be interested in visiting the Business Insurance page.
Now that you know why you need insurance for your business, let’s go into detail:
What insurance does my business need?
The first thing you need to know clearly is what type of business insurance your company needs and to get it and to be able to take out the right insurance adapted to you and your company’s needs, you must rely on an accredited insurance broker who will act as an advisor, and will explain all the details to you to adapt the best insurance to your business. You will need to consult your trusted insurance broker to find out everything you need to know and not be left with any doubts before taking out total security for your business.
At Boracay Brokers, as insurance brokers, we will ask you what your business does, how many square metres the premises are, what year the building in which it is located was built, if you have employees, as well as the tangible assets you would like to include in the policy, office material, computer equipment, awnings and outdoor furniture etc.
We will look for an insurance policy for your business that is fully adapted to the activity you carry out and that gives you peace of mind and the security of being well protected.
We will also take into account intangible assets such as cyber insurance if you want to include it or compulsory civil liability.
These aspects of business insurance should always be considered:
Commercial and general liability:
All businesses, whether they offer products or services, must have Public Liability cover. It is essential to protect the business and that the insurance taken out will meet the costly expenses, should you, your employee or a third party, such as a supplier or customer, be injured on your premises, or is the property damaged, as it can financially protect the business and the business owner in the event of a lawsuit or third party claim. You never know what can happen, so it is important to be prepared and covered.
Professional responsibility:
Professional liability insurance will protect you and your company from claims for damages or loss of money due to a negligent act, error or omission by you or one of your company’s employees. Professional service providers such as architects, lawyers, writers, graphic or web designers, software developers, engineers, project managers, chefs, real estate agents, are just some of the types of professionals who should consider this insurance.
Business insurance coverages
As for the coverage included, each business insurance policy will always include water or fire damage, but there are other optional coverages that are totally adapted to the type of premises where the business is located and specific to the type of activity. It is necessary to take into account the breakage of glass both inside and on the exterior façade, water damage caused by the business itself or by a neighbour, robbery and theft, etc.
Given the wide range of possibilities, the most important thing is to have a good and reliable insurance advisor at your side to make sure that your business is adequately covered for the specific situations, risks or problems that may arise.
The more information you can provide at the outset when you start designing a quote (about the types of work you do, how many employees you have, your typical sales and assets), the more accurate your estimate will be at the outset of the price of your business insurance and the coverages that will be included in your policy.
It is important to compare prices between different insurance companies, but also remember that price is not everything. You also have to take into account the after-sales service of the companies, that is to say, in the event of a claim, their speed of response and solution. And of course, compare the coverage of the policy, the capital sums, the excesses in case they exist, etc.
It is true that nowadays you can take out cheap business insurance online, but think carefully about what you are giving up in terms of personalised service. Working with a virtual company can make any claim process, incident, claim or query become a stressful and lengthy situation, as you will probably not be able to talk to a real person who can answer your questions or keep you informed of the follow-up of your incident, and let’s be clear, in economic terms, a businessman cannot afford to wait too long to solve a problem that is preventing him from developing his activity with total normality.
For this reason, many SME owners choose to work with nearby insurance advisors, insurance brokers who are close to their business, as they appreciate the personalised service and the peace of mind that comes with knowing they will get the answers they need in a stressful situation.
At Boracay Brokers we are experienced in arranging business insurance and will always listen to the specific needs of each client to offer them the best insurance, with the company that best suits their needs. In addition, a good insurance broker will do periodic quality follow-ups and will always inform the client of new and more economical proposals, additional coverage, etc.
If you want more information, we leave you the LINK to our insurance for companies page, where you will find additional information. You can also write to us and we will try to answer all your questions. And last but not least! In our social networks we answer a lot of questions and we tell you what to do in specific cases. Visit us!