The simple answer is that as soon as you start your business you are exposing yourself to risks which means you need to take protection. The best way to do that is by obtaining a business insurance policy.

There are various risks that may present themselves and it is suggested that you insure against most of them. 

Common cover should include:

Liability Claims

Common liability claims include the accidental injury to a customer or damage to their property whilst they are on your premises. Whilst you can put safety features in place but insure that your business insurance cover includes liability claims.

Property Insurance

Even if you lease premises you will probably need some form of cover. get your insurer to check your lease and make recommendations.

Product Liability

If you manufacture products, you must take every precaution to ensure that your products are safe but you must take insurance to protect against something going wrong as the damages could be considerable.

Assets

If you use vehicles in your business these should be insured against any accidental damage, theft etc. Fixtures and fittings, office equipment and computer equipment should all be covered.

Cyber Attacks

Attacks on IT networks are on the increase and data breaches are becoming more and more common. Small and medium business are most at risk. At a minimum invest in protective, anti-virus software and include cyber-attacks in your business insurance policy.

Business Interruption

This has become a hot topic during the Covid 19 pandemic with some insurance companies refusing to pay out. Business interruption results in lower sales and can quickly destroy your business as it can quickly eat up your financial resources. Types of interruption could be a result of earthquakes, fire, floods etc. which can cause you to cease trading.

To ensure peace of mind take out business insurance today. Many insurance companies offer cover which can be tailored to suit your own business circumstances.