Small Business Insurance
Small Business Insurance : Business Insurance Plan
Many small business owners will at some point have produced a plan for their business, usually referred to as a business plan.
This will quite often be done to secure funding at the outset of the business or at a later date when more funding is needed.
A business plan is also often produced because it acts as a useful way of clarifying aims and objectives about where the business is going.
Any business plan that is realistic should focus on the risk as well as the rewards of your business and the industry you are operating in as a whole as well.
Many small business owners will be acutely aware of the need to assess and monitor risk, in order to really effectively manage it.
A small business plan will deal in some ways with your insurance requirements, as a small business owner, but not completely.
Here the issue is simply one about clarity.
Having a small business insurance plan, allows you to focus on the risk element of your business, assess the risk, and decide how to manage it.
A small business insurance plan is normally an internal document, the intent of which would be to clarify the areas of your business most at risk, and document how you manage that risk.
Knowing the risk is key to being able to decide how you manage it, either by self insurance, buying an insurance policy or deciding to run the risk yourself.
Business Insurance Plan Elements
The areas you will probably want to look at will concern the premises you are operating from, be it a home based business or an industrial premises of some kind ie shop factory.
Premises risk will cover physical risks as well as liability risks. More generally, all forms of potential liability should be assessed and decided how to be managed.
This can include liability to members of the public, employees, fellow traders, as well as liability arising out of your responsibilities as a director/partner/owner of the business.
Auto insurance needs to be specified and arranged as a form of business insurance.
Business interruption insurance can be needed, and should be carefully monitored as to what you are at risk from, and how much of an interruption this could have on your business.
Health insurance may be mandatory, or an optional benefit for you and or your staff, but is an expensive area of insurance and should be looked at carefully.
Health and safety requirements from a statutory point of view, both local and national, should be known and implemented.
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