Why do I need business insurance?

Business Insurance

When you start your own business there are many things to consider. However, some you may give more priority to than others. Business Insurance sometimes falls quite low down the pecking order when you’re starting out, but business insurance really is an essential element of your operation and in some instances a legal requirement to trade.

From the day you start your business you are open to risk. Your customers, premises, assets and employees could all be at risk, and by providing insurance protection for them your business and all these different elements are safeguarded. Below are the key reasons you simply must have the right insurance in place.

Protect your customers and public

If your products or services cause an injury to a customer or a member of the public then your business could find itself facing an expensive compensation claim. These claims can run into hundreds of thousands of pounds and you need to ensure you have the right insurance in place.

Specialised policies such as DJ insurance are designed to cover any claims that may occur if something goes wrong at an event, the policy will keep your business protected.

Protect your employees

If your business employs people then you have a legal requirement to have employer’s liability insurance in place. This protects you if an employee has an accident or damages their health due to proven negligence on your part.

Protect your business’ assets

Using the example of DJ insurance again, this type of policy ensures the equipment that is essential to your business is covered. A DJ cannot work without their equipment, and any damage or theft to it can ruin the business. Replacing it out of your own pocket would cost a fortune and could impact severely on the success of your business. The right insurance ensures you have peace of mind and a solution if the worst does happen.

Another key benefit of a good insurance policy is how it can boost your profile in the B2B market. Other operators will look upon you more favourably as it will show you take your business seriously and understand your responsibilities to the public.

Business insurance is as important as registering your business with the HMRC and will protect you financially if the unexpected happens.