For a majority of traders, establishing a business is the realization of their dreams. This is because, running your own successful business involves numerous upsides; For instance, you are able to select preferable working hours and also do not have to share profits with anyone.
However, you are also likely to shoulder the burden of operating the business on your own. To make it easier for you, ensure you obtain an insurance cover. While getting trader insurance will increase your expenses, it can be a lifesaver for your business.
Let’s look at different types of insurance policies that a trader should have and why they are important.
Public liability insurance
Public liability policy is one of the essential business coverage as it will protect you in case a client or a public member sues you due to the injury suffered at your workplace. The policy will assist you to cater for the expenses of any compensation that must be paid to the plaintiffand will pay for the legal process.
Professional indemnity insurance
This is useful to people who are in the service industry or those who offer services like consultancy. The policy helps you cover the claims by a customer who has experienced a financial loss because of your work. For instance, a customer might claim he got a misleading advice from a financial advisor concerning investments and as a result, incurred some losses.
Accident insurance for traders
For the majority of traders, time is money. So the longer you work, the higher you earn. Therefore, if you get into an accident and you’re out of work for a certain period, the personalaccident insurance will assist you cover the lost income.
Worker’s liability insurance
As a trader, you might be required to employ one or two workers to help you run the business. In this case, you need to get a worker’s liability since it’s a requirement by law. Thepolicy will protect you and your company against claims presented by your workers in case they are injured, or get sick while doing their duties.
Building and contents insurance
As a business owner, you need to get a building and content policy to cover any emergency that might interfere with the smooth operation of your business. Content insurance will cover fittings and fixtures and you might get an extra cover for office properties like computers and money kept in your office. Content insurance will also cover things such as mobiles, laptops, and office tablets.
Note that your regular vehicle insurance might not offer enough coverage for your van if it is involved in the daily running of the business. Therefore, it’s important to check the terms of your insurance policy to find out if you want to shift to a suitable type of coverage.
Since the tools and equipment used to run most business tend to be costly, it’s worth getting an extra coverage to over protection against theft, damage or loss.
Educating yourself about different types of insurance is important as you will have an idea of what you need. Ask your insurance agent what is included in the policy and what is excluded.Don’t wait for them to tell you everything.