Making a profit is only possible by bringing in more cash than what goes out. While that goes without saying, you might not be prepared for certain events which can put a serious dent in your cash flow. Equipment, wages, materials, office space and all the other usual expenditures are well planned for, but it can come as quite a shock if you’re suddenly expected to pay out massive sums of cash in compensation for employee accidents in your workplace.
In most developed countries, whatever happens under your roof is your responsibility, and that includes keeping employees and visitors safe. Whether it’s down to unclear or missing signage, neglected spills or leaks, faulty equipment, or simply improper training, accidents on your premises are on your head. Under most circumstances, injuries sustained at your workplace will be claimed for, so you need to make sure you’ve got the money stored away to make sure your business remains in the clear.
Make Sure You’re Protected
As much as you hope an accident doesn’t occur – both for the victim’s well-being and your profits – you need to be prepared for the worst case scenario, and that’s where keystone business insurance can help.
Employer’s Liability Insurance – A legal requirement in many countries, employer’s liability insurance provides you with the protection you need in the event of employee claims. Basically, it is designed to make sure your employees receive the compensation they deserve without you having to foot the whole cost. It also applies to volunteers and short-term basis staff. Covering the cost of compensation yourself could cripple your business, making this type of insurance a necessity.
Public Liability Insurance – This type of insurance largely covers the same as above, except it covers you in the event of accidents that take place on your property involving people from outside your business. Additionally, public liability insurance covers you in the event of construction work causing an accident or damage to another building. It’s a good idea for all businesses to purchase this cover, especially those who attract on-site customers and regular client visits.
Property insurance – Computers, photocopiers and other office necessities are extremely valuable. Likewise, a plumber can’t carry out their work if their tools go missing. Property insurance covers the contents of your business premises as well as the property itself. Even if you go to extreme lengths to thoroughly secure your building, accidents and crime will remain potential threats, so it’s a good idea to make sure you can get back up and running quickly in the event of damage to your assets.
You’re likely legally required to purchase a minimum level of business insurance, but the main reason you should purchase it is to protect your business in any unfortunate event. Theft, fires and accidents are constant potential disasters which could cripple you financially, so it’s a good idea to purchase comprehensive business cover before it’s too late.