How to protect your business from all angles


As a business owner, you might think that the most important things to insure are the ‘tools’ you use to make money – whether it is a vehicle, machinery or stock. After all, if they were out of action, what would you use to run your business?


While insuring the tangible assets is important, it is also critical to cover personal Insurance risks. What would happen if you were not there to run or oversee the business?


If you’d like to protect your venture from all kinds of risk, here are the two categories of Insurance you can incorporate in your Business Protection plan.


Personal Business Insurance

These Insurances can cover the costs of lost personnel – whether it is you or another key person in your business.


Personal Insurances are important, as they can cover operating costs (such as rent, phone and leases) even if the business is not earning an income due to another loss. Other personal covers, such as Key Person Insurance, can also give you the money to hire someone else to run the business if you (or another key member of your team) are unable to due to illness or injury. Just because you can’t work, doesn’t mean the business has to cease trading, if you can find a suitable replacement.


Physical Insurance

These generally cover assets, such as repairing damaged or replacing stolen equipment and vehicles. However, these Insurances can also cover you for other less tangible, but potentially expensive losses.


What happens if an incident at your workplace causes damage to someone or something else? Legal liability cover is an important consideration when you run your own business. Depending on the situation, you could be held liable for costs or losses incurred by a third party, due to negligence on your part – even if it was unintentional.

These costs can quickly add up, so having cover in case of this eventuality is crucial. Plus, if the damage causes your business to be out of action, even for a short while, you may suffer a loss of profits: it may be worth considering having cover for loss of profits in your Insurance package.


Depending on all your possible risk factors, there are many ways to protect your business from the financial impact of the unexpected. If you’d like to discuss your options further, please always feel free to contact us.



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