SME Business Concierge have teamed up Simply Business to bring you top quality insurance at competitive prices.
Because insurance is so important to business we’ve teamed up with Simply Business who are industry specialists who work with businesses of all sizes. When you get your quote by clicking below Simply Business will find you the best cover at the best prices from across a number of different insurance providers so you can save hours of time browsing the internet as the hard work is done for you. Simply select the level of cover and price you like and you can be covered in minutes!!!
Money is nearly usually scarce in such early stages, as small business entrepreneurs and start up founders who are just starting out in their business journey as individual company owners can attest to. It is therefore quite understandable and common for business owners to wonder, “Do I need business insurance?”
Most business owners are very conscious of their financial decisions and carefully consider each possible expense and investment to see if it is absolutely required and inevitable. Young start ups and enterprises frequently wonder why they should acquire insurance if they aren’t even profitable. Believe it or not, the fact that you’re still broke is more reason to buy the appropriate insurance for your situation.
Let’s look more closely at why your company should buy insurance as well as the different types of policies that offer protection against hazards to which it may be exposed during routine business activities.
Is Business Insurance Necessary?
The short answer is absolutely YES!!
Due to the high level of litigation in our current culture, it is unlikely that your company will never be sued. Although it may be difficult for you to imagine that your clients, customers, or business partners could sue you, the truth is that it’s likely to happen sooner or later, so you ought to be prepared for it.
Most insurance professionals will tell you that smaller companies need insurance more than large corporations do because the costs associated with your trial alone could force your organisation to close down if you’re still in the early stages of building your business.
You Seek Mental Tranquility
Small business ownership is arguably best summed up in one word, which would likely be “stressful.”
This is essentially the broadest and most inclusive justification for getting insurance. It might be simple to overlook the many elements that are absolutely beyond your control when so much of your company depends on your efforts and those of your employees.
You Handle Contracts in Your Work
You should have insurance to defend you against any lawsuits arising from the contractual responsibilities you have agreed to when you get into any kind of agreement with your customers, consumers, or business partners.
Professional liability insurance helps defend your company if it is accused of making mistakes, dispensing bad advice, help to overcome, or engaging in any other blunder that might have had a detrimental economic effect on its clients or business associates.
Finding Funding or a Loan
You may be able to obtain a small company loan more easily (and at a lower cost) if you have business insurance to safeguard you. If you go to your bank and request a bank loan without having evidence of commercial insurance, you will either not be granted a loan, or your loan will have an extremely high interest rate added on.
Additionally, there are a few other factors, such as the following:
• Your business is vulnerable to cybercrimes.
• You want to hire quality employees and increase retention.
• Your company has vehicles and drivers.