Setting up and running your own small business can be both an exciting and stressful endeavour. Hopefully, your hard work will pay off.
But what would happen if your business was impacted by a fire, burglary, or a lawsuit?
Having business insurance for a small business or enterprise can be important in helping cover the financial cost of dealing with such unexpected events and any disruption caused.
There are several different kinds of business insurance policies, many of which can be combined to help cover your needs, depending on the work your business does and the industry it operates in.
Take the following types of insurance, for example:
The cost of business insurance for a small enterprise won’t be the same for everyone. This is because premiums are based on a number of different factors, including:
When comparing business insurance quotes with us, you’ll be able to see how much it costs annually or monthly.
Yes, business insurance premiums are generally a tax-deductible expense. As with other business tax deductions, you can claim the cost of insurance with other business expenses when filing your business’s taxes.
No single business insurance policy will suit every small business. Different organisations will have unique needs and concerns they’ll want cover for versus the premiums they’ll pay each month. It’s important to weigh up what liabilities you may face and what assets you need to protect.
It may be tempting to just buy the cheapest insurance policy you can find for a small business but that could leave you covered for fewer events, or with a lower limits on the amount you could claim.
Need help sorting out your business insurance? Give our friendly team of experts a call and they’ll be happy to assist you.