Starting Out – Protecting Your Small Business
Starting out with your own business can be an exciting but worrying time. You are filled with enthusiasm and ideas and focussed on developing products, networks and clients. The last thing you want to be worrying about is what to do when things go wrong. Unfortunately, many business owners don’t start to think about the impacts of a customer claim until it’s too late. Having the right type of insurance means that you can get immediate cover against the most common types of customer and client claims. If you have a business that is specialised in one particular industry, this can be especially important. Just one claim against your advice, products or services could have many impacts. It can damage your reputation and your finances so much that it makes it hard to continue.
You need your money to help you develop your business, not to pay for lawyers to defend you against expensive damages. Taking advice and getting the right cover protects you against many common mistakes made when starting out. Insurance should be one of the first things you think about when writing your business strategy.
How Sure Insure can help with starting out on your own
When you are starting out, talk to Sure Insure. We take the time to talk to you in depth about your new company’s activities. Once we understand what you are planning to do and what sort of customers you have, we can tailor a policy to suit you. Our Small Business Insurance packages cover multiple factors to protect you against a range of damages or losses.
Our services and policies range from property damage and cyber attacks to machinery breakdown, and professional indemnity. Sure Insure Brokers exist to make sure that you are covered so you can focus on doing things properly. Starting out in business is about doing what you love, not worrying about insurance. For that reason, you need to speak to the experts. Our business based business has been dealing with the insurance houses for many years. We exist to make our clients aware of changes to existing policies and the creation of new ones.
What should I insure against?
One of the main targets for small to medium sized businesses is a surprise to a lot of people. Quite often it can be easy to deal with customer complaints and misunderstandings. That means small matters are unlikely to go to court. However, small businesses often don’t have their own IT departments or secure firewalls. That means you can find that you are at great risk of Cyber Crime. Working from home also increases the threats of malicious individuals spreading malware and viruses. The average cost of a cyber attack is $250k. There aren’t very many people starting out in business who can cover that sort of loss and continue in business. What people don’t realise are the impacts of something as small as sending the wrong file to the wrong person. The laws surrounding security of personal data are extremely tight and very strongly policed. It may seem harmless, but someone else getting hold of your customers’ information can have terrible consequences. Customer data management needs to be secure in order to give your customers confidence. Once that confidence is lost, it can be hard to recover.
Some stories about starting out the wrong way
One terrible story is of an independent travel agent who arranged travel for her female client and her children. She was travelling with her new partner, having gone through a bad divorce. Unfortunately, the agent didn’t check to make sure her ex-husband’s details were no longer linked. That meant that her new itinerary was sent to her ex-husband, who was the subject of a restraining order. This data compromise meant that her entire holiday had to be changed and rebooked to keep her safe. It also caused a court case that put the agent out of business. All for failing to check one TINY piece of information and not realising the consequences of proper data management. Cyber Insurance and Personal Liability Insurance cover could have kept her business running. Other things that might surprise you are also seemingly insignificant. Did you know that one of the most common causes for claims in small grocery stores is for people slipping? That can be on obvious things like liquid spills, but can also be caused by things like produce on the floor! Have you considered that someone slipping on a grape could cause a Public Liability Claim? Probably not. But a bad fall could put someone in hospital and out of work for months. When someone is unable to provide for their family, the first thing they thin about is making a claim.
Starting Out the right way
If insurance isn’t something you’ve thought about yet, you need to do it now. Business relies on other people – and that means relying on things you can’t always control. Call Sure Insure now to talk about how we can make sure your business can survive the worst.