Is your business going down the hill? Let us help you save it. Consider the risks below and work on your policies. We’ve put contingency plans to handle them.
Let’s talk about some critical aspects that matter or help you work on your goals:
- Reliance on key staff.
Dependence on main clients.
- Reliance on key suppliers.
- Is there a partnership or shareholders agreement in place?
- There is an IT strategy and does it cater to IT developments, viruses, system failures, back up procedures, and data protection registration? Is there insurance cover for an IT disaster?
- Do stock levels cater for peaks & troughs in demand?
- Do you need insurance?
What Insurances Need Consideration?
- Public liability insurance against claims from members of the public.
- Keyman insurance against the death or absence of a key employee or director.
- Building Insurance if you own the freehold. This is the rebuilding cost, not the marketing value.
- Business interruption to compensate you for loss of earnings.
- Credit Insurance against bad debts.
- Directors and officers insurance against any claims made personally against them for breach of duty.
- Employer’s Liability is compulsory if you have employees.
- Engineering Insurance against the mechanical and electrical breakdown of machinery.
- Fidelity Insurance against employees’ theft or dishonesty.
Fire protection and other threats like fire, storm damage, etc.
- Plate glass insurance for shop fronts.
- Goods in transit insurance.
- Legal expenses cover to cover legal fees in disputes.
- Product Liability against claims arising from defective products.
- Professional Indemnity against negligence claims. Typically applicable to other areas. Such as accountants, lawyers, architects, and physicians, etc.
- Travel insurance against business travel by you or your employees.
- Working from home.
- Permanent Health Insurance to compensate you for loss of income if unable to work.
You can approach an insurance broker to discuss what insurances are going to apply to your situation. You also need to know how much cover you require.