Making sure that your small business is insured against natural disasters should be taken with the same urgency as insuring your other business operations with policies such as, AXA professional indemnity insurance. Not knowing when a natural disaster will strike, you could find that you wake up one morning to find that your small business has been completely destroyed or damaged and therefore being prepared is vital.
Getting the right policy
Understanding your policy is important so that you can evaluate where you might be leaving your business exposed to certain elements. By speaking to your insurance agent or looking at the policy you can ensure that you know what kind of cover you have, so that when the unexpected does occur, you know exactly what you are and are not covered for. Make sure that your business has sufficient coverage to pay for the indirect costs of the disaster such as disruption to business and rebuilding costs.
Whilst searching for public liability insurance quotes, you might want to consider also insuring any improvements that have been made to the property as you may need to increase your cover. Some insurance policies do not cover flood or earthquake damage and as a small business owner, you should not only consider the possibilities of this happening but providing you with peace of mind. With your business located in the United Kingdom, you may be correct in thinking that you do not need earthquake damage insurance as much as a business in Tokyo, however there have been earthquakes recorded in the United Kingdom. As a small business owner, it would be naïve to have the frame of mind that such a disaster will not happen and ultimately damage your business as nature can strike where and when it wants.
Insurance extras you should consider
Add-ons and extras can sometimes be the policies that ensure your business can re-open after the disaster such as, business interruption insurance. This generally covers the profits a business would have earned, based on the business’s records, had the disaster and damage not happened. Business interruption policies can also pay for operating expenses such as payroll even though your business may have been forced to temporarily stop its operations. Extra expense insurance also covers you for the amount that you spend over and above your normal operating expenses in order to ensure that you don’t need to close down during the restoration period.
No gaps in your insurance
Your business insurance policies, such as those provided by AXA Business Insurance, should include property and business interruption insurance. Insurance policies can be expensive and the initial outlay for cover can be difficult to make whilst starting up your new or small business. However, you should not sacrifice the very livelihood and future of your business as a result of this. Business insurance bundles are available, which combine the cover and policies you require as a one-stop shop and are generally less expensive than taking out individual policies.
Ensuring that your small business is insured against natural disasters and unplanned events are central to your business’s survival and your own personal livelihood. It is important to read the small print included with the policies to make sure that all your business operations are protected under your insurance cover. Damage or destruction of your business overnight by a natural disaster can leave you wondering what to do next. However, if you are covered correctly, this should ease some of the tension and ensure that you can sleep easier at night.