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How can I disaster-proof my business?
Planning
ahead will help you recover more
quickly should a disaster occur
that affects the operation of
your small or medium-sized
business. This involves taking
out the right insurance policy
with adequate levels of small
business insurance cover. It
also means developing and
constantly maintaining an
adequate disaster recovery plan
and getting interruption of
business insurance.
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What is business interruption
insurance?
A business
interruption insurance policy
compensates a business for lost
income should the company be
unable to trade for a period of
time due to disaster-related
damages. It covers the profits
you would’ve earned based on
your financial history, as well
as operational expenses and
other pre-determined costs, even
though business operations may
have come to a temporary halt.
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Do I need professional liability
insurance?
As a small
business or home business owner,
you probably won’t require
professional liability
insurance. Professional
liability insurance
generally applies to
professionals, such as lawyers,
doctors or engineers. These
professions need to protect
themselves against financial
losses and penalties arising
from lawsuits lodged by
dissatisfied clients.
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Save on Small Business Insurance
As with most
other aspects of business,
keeping the cost of small
business insurance down while
getting the maximum insurance
cover is critical to keeping
your business’ bottom line
looking healthy. Here are some
small business insurance tips
to help you save money while
getting the highest level of
insurance cover.
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Business insurance information for
small businesses
Business
insurance is one of the most
critical – and often most
neglected – aspects of ensuring
a small business’ prosperity.
Whether you are an entrepreneur
or the owner of a medium-sized
business or company, business
insurance is one thing that you
should familiarise yourself
with. The key to making sure
that all the effort and time
you’ve invested in a small
business doesn't become undone
when disaster strikes, is to
protect it with the correct
level of small business
insurance.
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Do I need workers compensation
insurance?
As a small business owner and
employer, you have a legal
responsibility towards your
employees to make the working
environment as safe one.
Unfortunately, however,
accidents do happen even in safe
working environments.
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Key employee Life Insurance
The death of a key employee or
owner can be debilitating for a
small business if he or she is
the key contact for customers or
suppliers. Small business life
insurance is one way of
preventing or partially averting
the business’ collapse if a key
employee were to die.
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