Author: InzurlyDigi

As a shopkeeper, you’re proud of your business venture and all that you’ve achieved. You’ll want to make sure that your business insurance includes a public liability policy, cyber and data insurance, personal accident insurance and contents insurance. With all four of these elements included, your business will be thoroughly protected against any injuries caused to a third party whilst in working or being in your shop, as well as the loss or compromise of customers’ data, and any damage to your shop’s contents.

It’s important to ensure that your business is protected with online retailer insurance because problems may arise, things can go wrong and you don’t want to be left out of pocket. Insurance for online retailers is designed to protect online businesses against the physical loss of, or damage to goods and property. Online retailer insurance will also protect you against claims that may be brought against them citing damage or injury.

It’s important to take out office insurance to protect both you and your staff. You may find that some elements of insurance cover, namely employers’ liability insurance and public liability insurance are a requirement. Liability insurance policies will protect you from any claims against you for loss, damage, illness or death that occurred as a result of carrying out work either in your business premises or on behalf of your business.

Equipment and stock cover will protect you financially against any loss, damage or theft that may occur- you won’t need to fund any replacements from your business’ finances.

It’s always advisable to prepare for the worst case scenario and take out insurance. Inzurly recommends that all market traders take out a comprehensive public liability insurance policy, especially when working at multiple markets with different levels of risk. Often, you will find that organisers and local authorities will require comprehensive public liability insurance as a minimum. If you wish to be further insured against injury or damages caused due to negligence, you will need to take out public liability insurance.

Business insurance, including professional indemnity insurance, counts as an ‘allowable expense.’ As such, it’s a cost that you can deduct when calculating your taxable profit. When calculating your taxable profits for your tax return, you can subtract business expenses from your income.

Many small business owners work away from home. If you are one of these workers, you may need to take out some additional insurance. Make sure that you discuss with your Inzurly representative what equipment you’d like to cover for use away from home before you take out a policy.

If you’re shipping products overseas, you do need to take out business insurance. You’ll need to double check that the insurance you’re taking out to cover your goods (both overseas and domestically) will include product liability cover.

If you’re self-employed, you’re not legally required to take out public liability insurance, but it is considered necessary if your clients and customers are visiting your business premises. It’s worth noting, however, that customers may expect you to have public liability insurance, simply to ensure their own protection should any issues arise during your business transaction

As a business owner, you’ll still benefit from taking out business insurance, even if you work from home. The exact kind of cover you need may vary with regards to the type of work you’re carrying out. For example, you might consider public liability insurance if you have clients at your home, or professional indemnity insurance if you’re handling clients’ data.

You are able to purchase your business insurance prior to trading, so you may not have your trade license entirely sorted at this point. It’s worth noting, however, that once you start trading, if your business doesn’t have the necessary licenses, your insurance may be invalid and claims may not be paid. Whilst not every business requires a trade license, there are certain types of business that do require licenses. These are usually issued by the relevant licensing authority, or by the local authority.