If you were better insured, would you perform better as a business?
Well, the latest DNA of an Entrepreneur report, which surveyed 3,000 small business owners across the US and Europe, found that 10% would take more chances if they felt their insurance would cover them. This means having the confidence to follow your gut instincts and take calculated risks to grow your business, safe in the knowledge many of the dangers your business faces are taken care of.
This is really all about focus. Cut out some of the many distractions across your business, and you’ll have more time to work on future strategy and plan how to steal a march over your rivals. Being safe in the knowledge that your back is covered with respect to the many day-to-day risks your business faces can free you to make the key decisions and moves to boost growth.
How would having your computers stolen affect your business?If your IT system crashed or was hacked, how long could you afford to be without access to your server and customer data?How would your business cope with a sizeable legal bill as a result of a faulty product, a client getting injured on your premises or an employee suing for unfair dismissal?What if a fire ripped through your offices, making them uninhabitable for months?
These are all key issues that can keep entrepreneurs awake at night, as they have only limited control over them. Yet there are insurance policies to cover these and other risks to your business that can maintain your operations, or get you back up and running quickly in the event of an unexpected disaster, or provide financial support in the face of a potentially crippling bill.
Predicting market trends and second-guessing your competitors are the kind of risks you should be focusing on, yet 29% of small businesses only go for the bare minimum insurance cover that they’re legally obliged to have, potentially leaving themselves open to risks like the ones mentioned above.
Taking time to consider all the risks affecting your business and selecting the right insurance cover can free you up to run and grow your company with confidence. It also protects your employees and clients from any unforeseen circumstances, presenting you as a responsible and caring business.
A public liability or professional indemnity policy can help protect your company’s reputation in a legal crisis, with specialists ensuring the dispute is resolved with as little damage as possible to your good name. Professional indemnity insurance can also provide a lawyer, as well as covering legal fees and damages. Meanwhile, there is also tailored disaster recovery policies designed to reduce downtime in the face of any danger that could stall your operations and threaten the viability of your business. Plus there’s plenty of expert help available to identify what cover you need and find the right policies. So you owe it to yourself, your staff and your clients never to be underinsured.