Your Insurance Checklist For Your Small Business

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If there are only four businesses in your neck of the woods, there’s a good chance that three of you are under-insured. According to research, a staggering 75% of businesses are under-insured, and lack of proper insurance is listed as one of the reasons that businesses fail. This means that if you’re not sure whether you have sufficient cover, the chances are good that you don’t. It also means that it’s time to hustle and get covered, as there is a long list of insurances to work through, especially when you have staff. But where to start? 

Get Covered For Business Operations 

The ordinary running of the business might not seem like it may require insurance, but there are instances where something can go wrong. The first instance is where your business makes a mistake and causes loss or damage to your customers. Research reveals that fewer than 21% of businesses are covered for errors and omissions or professional liability. Another area where the operations of the business can be impacted are matters that are out of its control, such as blackouts, staff strike, or even cyber-attacks. Where there is a risk, there is insurance to cover it. 

Put Protection In Place For People 

Even if you are the only person in your business, chances are good that you have customers. Types of insurances that are mandatory for businesses in certain parts of the world who have staff include worker’s compensation insurance. According to, not everyone requires this, but it is a legal requirement in some states, and if you have a staff member, you’ll be happy for it if there is a claim that arises from an event. Another area to consider is keyman insurance for those staff members that will be hard to replace. This is also a good time to get insurance in place that will protect your customers – for instance, liability insurance if customers get hurt on your premises, or suffer losses due to your products or services.Industry experts recommend public liability insurance for anyone who works directly with the public. 

Don’t Forget About The Product

While loss, damage, or theft of stock may seem obvious, there are other not-so-obvious losses businesses owners can incur – for instance, a photographer that places their photos on a marketplace, only to find them used in a magazine without compensation. Another is an author that sends a manuscript to an agent who tweaks a few details and publishes it under another name. Insurance is vital, even if it is legal insurance in order to pursue the matter. You will also want to insure your gear, your stock, and your equipment. 

Insurances adds that extra layer of protection for your business, and while it cannot prevent events from happening, the idea is to restore it as best it could.