The whole category in one page.
IMPORTANT NOTE
This is general information, not insurance advice.
Products, terms and availability vary. Speak to a broker familiar with your sector.
THE PRINCIPLE
Insure what you could not absorb. Manage or accept the rest.
Insuring everything is expensive; insuring nothing is reckless.
WHAT MOST BUSINESSES PLAN FOR
Fire and theft.
WHAT ACTUALLY HAPPENS MORE OFTEN
Equipment failure, customers not paying, and being unable to work for a period.
Credit risk is the most frequent financial loss small businesses experience.
READ THE EXCLUSIONS
A policy is defined as much by what it excludes as what it covers.
Check also what precautions it requires of you. Failing to maintain them can invalidate a claim.
THE UNDERINSURANCE TRAP
Cover set years ago on values that have since changed.
Replacement costs move with exchange rates. Recalculate annually.
WHAT TO KEEP OFFSITE
An inventory with photographs, serial numbers and receipts, plus your policy documents.
A fire at the premises destroys records kept there.
WHAT INSURANCE NEVER DOES
Recover data you did not back up, or restore your reputation.
WHAT PROTECTS A SMALL BUSINESS MOST
A cash buffer. It covers the losses insurance excludes.
