Insurance helps reduce the financial risks of running a business.
Small business insurance specifically covers the risks a small business faces in it's day to day operations. Many lenders or businesses you may work with also may require you to hold specific insurance policies too.
In this article, we look into the types of small business insurance, plus some of the ways to identify if it is necessary to hold for your business.
In full disclosure, we are not insurance advisers, and the information we are sharing is general and non-specific. We recommend obtaining professional advice from insurance brokers, advisers or providers before making any decisions.
There are many different types of small business insurance to consider, including:
For more information about business insurance types, take a read of the Ministry of Business' website.
The decision as to whether or not you need to take out business insurance policies is completely yours. We're not going to say yes or not, but once again, recommend you chat with an insurance professional.
In your decision making process though, it could be handy to ask yourself the following questions, as your answers will most likely help you decide:
As a small business owner, you are particularly financially vulnerable. Consider your need to have insurance carefully and thoughtfully. For further advice, please contact an insurance professional.
Posted: Friday 11 October 2019