Setting Up a Business: What Could Go Wrong? Insurance Coverage for Your Business Property
Some of us are born optimists, while others are constantly looking for things that could go awry, which they very often do. One thing is certain and that is uncertainty; the universe is in a constant state of change and our planet could be wiped out by a huge asteroid, not that this is likely to happen anytime soon. If you are planning a start up and see nothing but dollar signs and success, we’d like to bring you down to Earth with a few scenarios that could actually happen and might see the demise of the business.
- Running out of money – Despite having a plan and a little cash in reserve, no one could have foreseen that your facility would be broken into, costing you a few thousand dollars to replace essential stuff. While you might survive that, you now have to settle with an angry homeowner who now has a hole in their roof, or scratch marks all over their new hardwood floor.
- A lawsuit – The crazy thing is, through no fault of your own, you can be on the bad side of a lawsuit that is without grounds. The legal costs would be high and if it drags on, you might not be able to meet all your financial commitments and we all know where that leads. You can actually cover yourself for such a scenario; search with Google for a local commercial insurer and they can show you what they have in terms of legal cost protection.
- Factory fire – Now we are moving into the real nightmare scenarios; a fire destroys part of your facility, yet with the right insurance coverage for your business property, you live to fight another day! You only have to read the local news to understand that commercial fires are not rare, despite taking all the precautions and the cover, you can sleep well at night.
- Total screw up – One of your surveyors has a really bad day and those made to measure aluminum windows don’t fit at all! Or your materials calculations were way off and now you have 5 teams sitting around waiting, which will cost an absolute fortune! Professional liability cover is the solution and your local business insurer can set you up with a policy that covers professional errors. You can even file your taxes online now, which is super-convenient.
- Unpaid invoices – If someone further up the chain gets bumped, this can have a knock-on effect, leaving you waiting for a big payment and the weeks turn into months. This could happen to anyone and if you had the foresight to take out comprehensive insurance, your business can still operate.
There’s a lot more that could go wrong and the best way to protect your business is to sit down with an established commercial insurance specialist who has all the solutions. If you need help registering your business, click here.
Don’t take any chances when it comes to your business and talk to a leading business insurer today.
Read also about Five Reasons to Hire the Top Insurance Brokers in India
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