Essential Insurance Policies for Business Owners
When you are running your own business, you are the key worker, manager, owner and all-around responsible person. So, there are a lot in your place but certain things cannot be left to deal with later. They are highly sensitive and become necessary the moment you are open for business. Some of the insurance policies we will discuss are compulsory and some of them are not but they are still essential.
Many people have plenty of excuses when it comes to paying money for invisible things like insurance. One of the common ones is “the money is tight at the moment. I will deal with it when things get better” the problem with this attitude is that you don’t think it is that important and that is why people could run premises for years without any type of coverage.
Here are some of the essential policies for someone who is working for himself/herself;
Commercial Combines Business Insurance
This is a package policy that covers many things including public and employer liability which is legally required in many countries the moment you start employing people. You can have building, stock, machinery, cash, glass and business interruption covers in one neat package. The costs are very reasonable and they are designed for each type of shop, factory or warehouse. For example, there are special packages for fish and chips restaurants only.
You invest a lot of money into an enterprise and skimping on premiums risks everything. Bad things usually happen in the most unfortunate moments. When you just thought that you turned the corner you may face a big loss that is too big for you to handle on your own. That is when you need to be able to turn to an insurance company.
Everybody knows that you need to have coverage for vehicles before you can drive them. You will need to sort out coverage for work vehicles properly. You need to determine who can drive them. If you have a minimum age limit in your policy you should stick to them. Also, you should remember to get your personal car insured cheaply by bundling them with commercial ones.
These two purchases would deal with legal requirements. Yet, there may be more important policies to consider, especially if you have family.
Life and Health Insurance
Everyone with a dependent should consider buying a life policy. People usually say to their family members things like “I am working to give us a better life”. What if you aren’t there anymore? Who will provide for them? It may not replace you but a little lump sum payment would go a long way until they find their own way.
If you are living in a country like America, you need to buy health insurance too for your family if you are self-employed. This is different in countries like the UK where there is free healthcare for all. It is probably the most expensive premium out of all of them. Unfortunately, it is one of those situations where you need to decide on your priorities. It is tough to be your own boss, unless you are a one man operating from a small office in your home or even from your living room. There are many things to take care of. It is always a challenge like everything else in life.