Insuring your business

Once you have equipped your office, you should protect what you have. However, insurance is one thing many small business owners would rather not worry about. It may seem like something that costs you time and money, but doesn’t contribute to your business. But in fact, having insurance could save your business one day.

Types of insurance

Property insurance

Protects the contents of your business (e.g., your computer, office equipment and supplies) in case of fire, theft or other losses. If you have a home office, your business property may not be covered by your homeowner’s policy.

Professional indemnity insurance

Protects ‘professionals’ who give advice or offer services in a specialized field. It covers errors or omissions in advice, design or specifications that causes the insured party’s clients or others a financial loss.

Public liability insurance

Protects you against causing personal injury to another person (other than employees) or damage to property owned or controlled by someone else.

Some insurers offer small business insurance packages covering everything from theft and fire to public liability. You can search online (type ‘small business insurance’ into your search engine) or you can consult an insurance broker (check the Yellow Pages) who will be able to give you advice on what level of insurance you will need.

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