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What’s the Worst That Could Happen if I Don’t Have Business Insurance?

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Business insurance conceptWhen small businesses are strapped for cash it can be all too easy to overlook the things that others may consider essential. While cutting corners and budgets can often be helpful, there are some things that should never be scrimped on. Business insurance definitely falls into this category. Put simply, if you can’t afford to protect your enterprise, you shouldn’t be operating. So what’s the worst that can happen to cash-strapped start-ups that neglect the need for insurance? Let’s take a look…


Employee compensation claims 

As an employer you have a responsibility to ensure that your employees operate in a safe working environment. Should they fall victim to any incidents you will be liable. While sites should comply with health and safety regulations at all times there is always the risk of unexpected accidents or injuries. As the employer you will be expected to cover the full cost of any compensation claims, which can soar into the millions.


Public compensation claims 

When it comes to compensation claims the British public knows their rights, and isn’t afraid to exercise them. From minor slips, trips and falls to serious bouts of food poisoning, public compensation claims can cripple a business’s bank account. Protect yourself with public liability insurance.


Loss of license and business interruption

Would your business be able to survive if it was unexpectedly forced to shut up shop? If not, loss of licence and business interruption insurance should be considered of paramount importance. Whether you’ve failed to renew a liquor license or have had your premises gutted by a fire, this sort of protection will keep you going until your business gets back on its feet.


Road risk insurance

Today, plenty of businesses send out employees on the road. Whether it’s a motor trade apprentice test driving a new vehicle or a catering assistant making a delivery, no manager should underestimate the risk of putting employees behind the wheel. As well as damage to vehicles injury to employees and third parties can send compensation claims into the millions.


Goods in transit 

Most businesses reply on some form of tangible product to generate income. Whether it’s a restaurant’s produce inventory or an electronic store’s crate of the latest iPhones, goods that are damaged or lost can spell disaster, especially if it was a valuable load. Good in transit insurance will eliminate the risk of losing out due to circumstances that were beyond your control. 

Whether you operate a restaurant, a café, a clothing boutique, a catering business, a pub, a motor trade yard or any other type of business, insurance should be at the top of your priority list.

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