Insurance can provide the security so
that if an unfortunate accident takes place, the income from the
business will continue. It is likely that your lending
institution will require you to have adequate insurance for the
business. There are various types of insurance to suit the
different needs:
- Standard - covers
fire, theft or vandalism etc.
- Life insurance on the
owners
- Business liability
insurance - helps protect the business against legal action
- Certain assets of the
business may be protected such as plate glass or boilers
- Other types such as
employee dishonesty, crime coverage, robbery/hold ups, etc.
For the best insurance coverage,
compare the insurance companies for their price and for what
they cover. One company may have everything automatically
covered where the next one may only have options of what is
covered.
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