If you own a small business, there are many costs that must be paid that are vital to its on-going success. From staffing costs and office space to utility bills, loan repayments and working materials, and much more besides, there are many important aspects that must be paid to ensure the company continues to thrive in its industry.

But one cost is often neglected, particularly by small businesses, that will really make the difference between a company faltering and growing to the next level – business insurance.

Why do I need business insurance?

Securing a clear, comprehensive business insurance that suits you is important for a wide variety of companies, whether you’re a small one-man start-up operating from a bedroom or a famous national enterprise with hundreds of employees. Business insurance is important because:

• You’re protected: as a business, you’re always one mistake away from facing a potentially disastrous claim. With business insurance, you know you’re safe.
• It gives you peace of mind: you’ll be covered to do the job you’re paid to do without worry of losing everything
• Clients like it: your business will enjoy a better reputation, and more custom, if you’re visibly covered by an insurance policy
• Your business has a long-term plan: If you unexpectedly die or become seriously injured, insurance ensures your business can carry on. 
• Anything can happen: You never know what’s around the corner, but business insurance means you’re covered regardless. 

What type of business insurance is right for me?

There are a wide variety of business insurance policies available, but which ones you’re going to choose will depends on the type of company you are. Business insurance policies include: 

• Professional indemnity insurance: For those companies where clients rely of your sage advice, this protects you if you make a mistake and clients lose money.
• Employers’ liability insurance: Mandatory for all companies, your employees will be protected at work if they’re injured.
• Property insurance: Protecting your offices and work locations, and the contents inside, in the event of fire, theft or, in some cases, natural disaster.
• Public Liability insurance: If your company works in the public sphere, this will protect you in the event of a member of the public getting hurt.
• Commercial vehicle insurance: Whether you have company cars, vans or fleets of trucks during your day-to-day business, you’ll need to insure them for commercial use.
• Health insurance: A great perk for attracting and retaining employees; this also will reduce days off sick.
• Key man insurance: If an important member of staff becomes seriously unwell or dies, this will allow the business to continue in the short-term.
• Scripted policies: for those businesses with very specific needs, business insurance can be doctored to completely suit you.

Although many policies are dismissed as an unnecessary expense by cash-strapped smaller businesses, it’s certainly true that business insurance is a must for any companies with ambitions to grow, or who dream of a secure future. Alongside utility bills, rent and staffing costs, comprehensive and flexible business insurance policies are an essential part of a company’s necessary costs.

Author: ConstructaQuote offer a wide variety of transparent, inclusive and flexible insurance policies for businesses and enterprises of all shapes, sizes and desires. Whatever you’re looking for, ConstructaQuote can offer you an insurance policy that’s flexible to fit your specific circumstances – meaning that you can stay safe, whatever life throws your way