If you’re the owner of a small to medium business, you’ll know that you’ve got your work cut out for you. Besides the running of all aspects of the business, you’ve also got to make sure you’ve made provisions for the unforeseen. This includes the correct policies like building insurance and even employer’s liability. If you’re new to this, it could seem quite daunting. Whilst there are far more policies you might need, we’re touching on a few of them below.
Important insurance policies for small business owners
Building Combined Insurance
Whilst this one doesn’t cover any staff-related incidents, it does help protect another major business asset – your actual workplace. If you own the building that’s used as office space or even leased out for a rental income, you should definitely have this insured. This will make provisions for the unexpected, keeping your building covered. Building insurance includes cover for the following:
- Fire and allied perils
- Theft as the result of forced entry
- Loss of rent
- Property owner’s liability
When it comes to business cover, it’s common to only consider the tangible, larger assets that have a direct financial impact on your company. But what about the processes and people who run your business? Fidelity insurance protects you against the unlawful actions of a staff member that may harm the well-being of your company. This includes dishonesty, theft, manipulation and direct financial loss.
Key Person Insurance
Every business has a few important people that it can’t be without. Key person insurance provides a pay out should a specified member of management become incapacitated or pass away. This money can then be used to recruit a new person or even wind up the company.
Your business is our business
At Compendium, we care about your company and keeping it running smoothly. It’s why we offer an extensive range of insurance policies suited to business owners just like you. If you’re interested in finding out which policies might benefit you, please contact us today on 087 724 9390.