Different businesses have different risks – and each requires its own protection. However, there are some covers that most small businesses absolutely need.

Most businesses should consider covering their assets, their income and their legal liability. Assets include everything you require to do business, such as your equipment and/or stock. These should be insured for damage, theft and other possible events.

If you own your premises, you should insure the property. If you’re leasing, you should still consider covering property fixtures such as glass.

Business Interruption insurance cover can also prove critical. This will insure the loss of income caused by an interruption to your business as a result from an insured event. When your income stops, from business disruption, expenses continue and it can be months before your turnover is back to normal. Business Interruption simply helps you to stay in business during this difficult time.

Liability cover is often crucial as the potential losses from liability claims can be enormous – significantly higher than most realise. It can cover your legal liability for injuries to other people or damage to their property that you, your employees, or your business may cause.

Other covers can also apply to your business like Money, Goods in Transit, Employee Dishonesty or Equipment Breakdown cover.

It’s up to the business owners to assess their risks and choose appropriate cover, which can be a daunting task on your own. Unfortunately, some small businesses don’t insure their business or don’t take out adequate cover. They can face serious problems after an event, that can jeopardise their future and security. Insurance is not just an expense; it is an integral part of your normal business operations.

We can provide you expert advice

The right advice about the types and level of cover you need can be the difference between your business surviving an event or closing its doors. Terracalls Advisers can help ensure your cover is appropriate for your size, activities and risks.