November 2nd, 2018.

Buying insurance for any small business can be a baffling process, so how do you know which insurance policies are needed?

What insurance cover does my business need?

Buying insurance for any small business, whether you’re a one-man band working from home as a sole trader or have a small number of employees based in separate working premises, can be a baffling process; how do you know which insurance policies are needed? Do you need professional indemnity cover or public liability protection and what’s the difference between the two?

In order to ensure that your business is properly protected, you need to carefully consider and understand all the risks your business may face when trading.

Covering your assets
It’s probably worth beginning by looking at what ‘things’ or physical assets your business has such as computers, laptops, office equipment, and not forgetting any books and journals. Coming to some sort of realistic estimate here will help you arrive at a figure for office contents cover. You should be careful not to underestimate the overall value of your contents; think about what would happen if your office was entirely destroyed by a fire or flood. How much would it cost to replace everything your business owns?

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