Small business owners have several risks to safeguard from. They have stocks of their products, they have business assets such as computers, furniture, fax, printers and scanners, they have data which is vital for the running of the business and for accounting purposes, they have movable assets such as trucks, cars and vans and also they have to provide the workers benefits and against any theft or pilferage.
Small business insurance will normally insure against burglary, fire, natural causes or acts of god and also for power shortages that can pay you for any resultant loss. However, not every commercial insurance policy will cover everything. Moreover, not every business owner has the same requirements and some have more unique risks to be covered than others. Thus, it is always wise to speak with your insurance provider and explain your specific needs so that they can provide a tailor made solution for you.
For those businesses that needs to protect itself from a wide number of risks, there are special business insurance schemes which are designed specifically for that. However, it is pertinent to mention here that it is extremely expensive to try and cover for everything. It is best to compare the risk with the burden of a financial loss to justify the insurance expense for your business.
When insuring your business, try and provide the exact value of the assets such as stock, vehicles and other items as your losses will be covered to the tune of the value of the assets less any salvage value.
In conclusion, most businesses will need some form of commercial insurance to protect their valuable assets from the unexpected.
