When finances are tight, it’s easy to balk at high insurance premiums – especially when we have trouble imagining or anticipating what could go wrong. However, plenty can and does go wrong. It’s a fact of life – and it’s doubly true in the business world. Operating a business with insufficient coverage is akin to driving around with a death wish. 

When a business is properly insured, everyone at work (and especially the proprietor) can rest a bit easier. In fact, this is cause enough to help your employees find information for their personal coverage. Whether looking for a travel insurance policy or an armed forces insurance company, business operators generally sit atop a much more comprehensive network than their employees, and this means that they can help them seek and obtain the coverage they need for their own lives. 

But at bare minimum, it is absolutely essential that any business with its sights set on growth and success take out sufficient coverage to make ends meet should misfortune strike. With that in mind, take a moment to peruse the following list of insurance types that every business owner should have: 

Liability coverage

General liability is essential for many reasons, not least because of the intense environment of litigation in which 21st-century businesses operate. This policy will take effect if someone sues your business for any injury that occurred within the workplace. These claims can easily exceed the million-pound threshold, and they’re often connected to accidents (which mean you can’t plan for or necessarily avoid them). This is one line of coverage that you do not want to be without. Professional liability insurance (sometimes called ‘errors and omissions insurance’) is a necessary complement to this.  

Business interruption coverage

This type of coverage will set clear-cut situations under which it will take effect. It’s designed to assist your business when unusual circumstances have a profound effect on the bottom line. For example, imagine a fire breaks out in the building does enough damage to prevent your staff from working here while repairs are being carried out. This policy will reimburse you for the cost of renting another office facility in the interim. 

Property coverage

While not all businesses own the building in which they operate, they certainly own property – be it furniture, equipment, products, etc. This type of coverage protects the contents of your facility.  

Worker’s compensation coverage

If one of your employees is injured on company time, you’ll be tasked with paying their medical bills and replacing their wages. This is how you keep an employee from filing a law suit against you. In practically every case, your company will be required to carry such a policy. 

Life insurance

A growing business may have serious potential, but that does not mean that it has the liquid capital to continue operating without the owner at the helm. A solid life insurance policy will ensure that the business owner’s family will be looked after should he or she meet an untimely end.

Abacus is an armed forces insurance company in the United Kingdom. They have a team of approachable and knowledgeable financial advisers who has been in the business for over 20 years.