Business owners insurance guide
A survey of SME’s commissioned by Naked Tenant (2017 May) finds that many business owners are not aware what their insurance policies cover, with three in ten of new businesses admitting to having no cover at all.
It seems the small business owner considers the insurance question as problematical, being time consuming and complex.
The report also finds that as many as 32% of SME’s are unaware that they need Employers Liability insurance to cover sub contractors and temporary workers. The fine for not having this cover is £2,500. See: Employers’ liability insurance – GOV.UK
New businesses are the most neglectful area of the survey where 32% have no insurance cover at all and 14% are unsure of what cover they have.
Under insurance or no insurance at all can put customers, staff and business at risk as well as risking business owners homes and any personal banking guarantees against their business, claims the report.
Choose an Independent Insurance Broker. Choose a broker that specialises in your business type. Not all insurers are the same. Whatever you do, make sure you use a price comparison site before buying or renewing insurance. If you doubt whether it’s worthwhile, a little knowledge is forewarned. This will give you an overview of the type of premiums companies are charging to insure your business.
However price comparison sites are a little faceless and for the business owner or landlord that wants true piece of mind then a broker who can be contracted by phone is worth paying that little more for. Try Salon Gold for English businesses or Holland Insurance Brokers – Financial Advisors based in Glasgow for Scottish companies.