How business insurance protects you
Having business insurance cover is important for small businesses as they cannot afford to take a major hit. Insurance covers and protects you and your business against unforeseen events, including, but not limited to, the following:
- Financial loss: cover against any financial loss the business may encounter.
- Legal action: as a small business, there is a risk of customers and/or suppliers taking legal action against you. Legal business insurance cover can help with handling any legal battles that may occur.
- Survival of the business: in the event that a catastrophic event occurs, such as theft or fire damage, business insurance policy cover will cover the damages.
- Business interruption: when an unexpected event, such as Covid-19 lockdown, brings your business to a halt.
- Reputational damage: covers the business in the events of damage to the company’s image or reputation. This includes any reputational damage as a result of social media, website hack, etc.