Have you heard that business insurance within the UK is more or less an option? While this is true in some cases, it can leave your business wide open for liabilities that you haven’t thought about.
Slip and fall accidents alone are on the rise, with many people getting injured on business property. When it comes to defending against such a case, you may be surprised to find how expensive a solicitor will be. Also, it’s best to settle these cases out of court. Brought before a jury, you look insensitive and unwilling to put people above your company. This can leave you open to heavy fines and damages awarded to the plaintiff. Your legal costs can eat into your profits, slowing you down from expanding your business, taking out loans, or just being able to enjoy life. Do you really want to give up your dream home because of legal threats?
Some people will read this and believe that they will never have to worry about a legal threat. They’re covered; at least they believe that they’re covered. So they feel like there’s no need to worry about any type of legal storm around the corner. But you might be surprised at what people are willing to sue you for, and how often they’re willing to sue. The business in the mind of the average person isn’t a small time operation. Most people feel confident about suing a business because they feel the company has the money; they just don’t want to pay it. They’re not seeing the face of a woman that just wants to have extra money for her children, or a man that looks forward to taking his family on an incredible vacation twice a year. They see a chance to make money and further their own goals.
Getting business insurance from Charles Goodman & Co Insurance is key because the insurance’s lawyers will show up and fight for you. That’s why you’re paying the premiums in the first place. They will fight for you and protect your business property at the same time.
That’s right; you get protection for your property as well. Did you know that your business property isn’t covered by your home insurance policy? Even if you store things at your house, business property isn’t covered. So a fire or a flood could leave you without any way to make a living. You want to get business insurance because it protects you in the event of a natural disaster, fire, flood, or even theft. You will get money to keep you covered while you rebuild your business.
Comparing different policies is absolutely critical. This is not an insurance category where you should avoid asking as many questions as possible. In fact, the more questions that you ask, the more likely it is that you’ll get exactly what you’re looking for.
Another point that you need to consider is that you have to be aware of the waiting periods involved. You may not be fully covered until a 30 or a 60 day window has passed. When in doubt, ask the insurance agent before agreeing to anything.
If there are specific riders that you need added, ask for them too. For example, if you sell on Amazon, you’ll need to be able to add them as an additional insured on your policy. That can be a tricky path for an insurance agent to underwrite for you, but knowing this upfront can lead you to the right agent.
Avoid agents that only work in the residential world. They can’t really craft the best business policy for you. It’s best to work with someone that understands commercial lines.
If you’re going to bundle multiple insurance products for your business, ask for a discount. Some agents will mention a discount, while others will see if you know to ask for one.
Use as many strategies as you can not to get the cheapest rate around, but the policy that’s going to protect you the most. Our lawsuit-minded culture is great for solicitors, but not so great for everyone else!