4 Types Of Insurance Products All Entrepreneurs Should Consider

As a business owner, you are likely aware of the need for insurance if you wish to protect your company for the future. Below, we’ve put together a guide to the types of insurance that you may want to consider purchasing for your business…

Professional liability insurance

If you, or a member of your staff, make a mistake when performing work for a customer – for example, a window cleaning company breaks a customer’s window – then professional liability insurance helps to cover the cost of any legal fees or compensation requirements that result.

Gadget insurance

Gadget insurance is a product many people buy for their personal items, but you can also purchase gadget insurance that covers your entire business. This type of cover is a particularly valuable investment if you rely heavily on gadgets, such as cell phones or tablets, to run your business’ operations at maximum productivity.

Property insurance

If you rent or own dedicated business premises, then you will need a dedicated policy to ensure maximum protection against damage, burglary, and threats such as fire and storm damage.

Alternatively, if you run your business from home, it’s tempting to think that the property is covered by your general home insurance: this, however, is not the case. In fact, if you use your home for business without informing your insurer, your entire home insurance policy may be voided. As a result, it’s important to speak to your insurer to inform them of your business and, if necessary, update or change your level of cover to reflect this.

Relevant life cover

Relevant life cover is a doubly-beneficial form of insurance that any companies that employ staff should look into. Not only will your business benefit from buying the cover when filing your taxes, but providing this kind of perk should also help with finding, and retaining, the best possible staff. To find out more about this form of insurance, the infographic below has all you need…

Design: Reasons to take out Relevant Life Cover

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Written by themoneyshed

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