Posted on: 19 April 2018
In the face of disaster, could your insurance be the life saver of your business?
Whatever kind of business you run there’s no doubt that you will have assets to protect and responsibilities to others. Whether you’re running a shop, manufacturing goods, providing a service or giving advice; you need insurance that supports you in the face of disaster, however big or small your business is.
It’s been just over 2 years since Storm Desmond saturated the North of England causing devastation to residents and businesses in the run up to Christmas. Famous landmarks that once stood proud were washed away by the force of the water that surged through the counties.
Two years on and recovery is still underway in some areas, while others have suffered repeatedly, prolonging the healing period of this devastating event. Businesses were forced to close and residents forced to flee. Some are still yet to return.
Loss adjusters and insurance representatives went to those areas to support local communities and businesses. For some of those without the right insurance this meant the end of the business they had worked so hard to build. Others faced reopening months, if not years later, while they waited to relocate or rebuild their premises.
According to accountancy firm KPMG, this devastating event was estimated to have caused damage in excess of £5bn. With disasters like these becoming more and more common insurers offer products to help people get back on their feet and offer support in a number of ways. Some of the key covers that helped businesses pull through the storms of 2015 are detailed below:
As a retailer of any tangible product, your stock is one element of your business that keeps you trading, whether you’re a shop, pub or restaurant. When disaster strikes – whether it’s a flood, fire or theft – the loss of your goods can affect your ability to serve your customers and support your community.
Stock insurance allows you to protect these goods against a variety of risks that could otherwise leave you with the financial responsibility of replacing them if they were damaged or stolen.
Be it computers, machinery, tools or furniture, your business relies on some form of contents to support you day to day. Whether it’s worth a few quid or valued at thousands of pounds, the likelihood is that it’s instrumental to your business. Contents insurance can help cover the cost of replacing these items if something unexpected happens.
Buildings can be one of your most expensive assets. Not only is it home to your business but in terms of time and finance it’s often the most costly to fix. Floods could wash away foundations, and fires have the potential to destroy a premises in no time. Buildings insurance can help you to rebuild or repair your property after a disaster.
Business Interruption insurance
Suffering damage to property can have devastating effects in both a material and personal way. However large or small your loss, repairing the damage can seem like a long and arduous task. If you’re running a business that suffers, your income could suffer too.
Business interruption insurance can help protect you financially and cover the business expenses that you are still responsible for paying. So not only could your business insurance cover the cost of repairing the damage and replacing the goods you’ve lost, it could also help to tide you over financially until your business is back trading as normal.
Public Liability Insurance
Public liability insurance can protect guests, customers or third parties if they have an accident while visiting your business. A simple slip, trip or fall could result in someone claiming against you. This cover is considered an essential for any business owner and could protect you against third party claims for compensation.
Employers’ Liability insurance
Most businesses have employees to help out, whether that’s on a full or part time basis. All employers are required by law to take out employers’ liability insurance in case a member of staff injures themselves at work. Depending on the nature of your work, an accident in the workplace could result in a claim of significant value. Adding this cover to your business insurance can help you fulfil your legal obligation.
Products Liability Insurance
Starting your own brand is an exciting and challenging journey. Putting your logo and label on products brings to life your hard work, particularly if you’re making these products as well. Products liability insurance is designed to protect you financially if a product you manufacture, sell or repair causes injury to someone or damage to their property and a claim is made against you.
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If you’re looking for advice on your shop insurance or any other business insurance, Premierline can recommend the cover that’s right for you. Our expert advisors are on hand to help you find a great value insurance policy for your business. If you know the covers you need you can compare shop insurance quotes online in a matter of minutes. If you’re looking for insurance recommendations or any other covers, call us today.
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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.