IT’S ABOUT TIME TO COVER UP

January 12, 2015 by Andy Crow from Chorus Business Advisers

It's about time to cover up!

I think it’s fair to say that Insurance isn’t most exciting topic in the world. It is however a vital requirement for all businesses no matter their size. It’s also vital that all aspects of the business are adequately covered.

Unbelievably, 10% of small and medium businesses in the UK have no insurance cover for even basics such as Personal and Professional indemnity. Over 50% have no cover for slightly more “exotic” policies such as Cyber or Business Interruption Insurance cover.

With more information being stored in ‘the cloud’, businesses should fully cover themselves. The recent hacking of Sony demonstrates that experts can break into the most secure systems. If a small business is attacked, the owner of the business risks irreparable financial and reputational damage.

Business Interruption Insurance covers the financial loss to businesses should they suffer an incident which interrupts the normal course of business (like hacking), or if other events occur such as the owner suffering a serious illness. Without cover, they may need to borrow money from friends and family, take out expensive bank loans, (we’ll discuss that next time) or use their own savings to fund their recovery.

So how should you get the correct cover?

We all tend to go online and look at comparison websites for our personal car or home insurance, but it’s not so easy when you are looking to cover a business which needs maybe a dozen different policies.

Fortunately we have a solution. Through our insurance partners, we can provide quotes to cover all your various needs as one policy and you only have to pay one premium. All you have to do is speak to one of our fully accredited associates and they will do all the research and necessary paperwork for you.