Why do I need small business insurance?
Small business owners have a lot going on, and it’s easy to let something like business insurance drop to the bottom of the list. But it’s important to protect your business from unforeseen risks and lawsuits that you can’t see coming.
You could be sued for just about anything, even if you haven’t made a mistake. If someone slips and falls in your shop, or if a client thinks you didn’t do the job the way you said you would, you could find yourself facing a claim or lawsuit. Business insurance can cover the cost, including the cost to defend yourself.
Some professions require that you have business insurance. Many healthcare-related professions require professional liability insurance, which is sometimes referred to as malpractice insurance. Sometimes, a contract will require that your business be insured.
How much does business insurance cost?
The cost of small business insurance depends on the industry you’re in, the size of your business, the type of insurance, and other factors. Most small businesses spend R500 a month or less for a multi-peril policy, but your costs could vary. You can get a quote in the box above to find out how much your coverage may cost.
What kind of business insurance do I need?
Most businesses require cover on their motor vehicles, public liability, portable devices and electronic equipment; however, your needs may be different but the sections mentioned are the general covers small and medium businesses take out.
Why would I need Public Liability cover for my business?
If you run a restaurant or any establishment that has the general public walking in and out of your premises, then you definitely need Public Liability cover. This will ensure that if anything were to happen to a member of the public, let’s say for example, someone slips and falls or you scratch a client’s car at your mobile car wash then you would be covered against any lawsuit as a result of the incident.
At Entresure we are an end to end digital insurance brokerage firm that can help you get a tailor made package for your business. Head over to our Quote section page and request Quotation for your business.
They say that hairdressing is one of the happiest professions you could undertake – so why would you want to risk ruining it by not having insurance for your saloon business? Alike every business, some mishaps can happen which could hinder your business – therefore, showing the importance of planning ahead. With this in mind, we have outlined, what we believe, are the top 3 reasons for getting the best possible insurance for your salon:
1. First and foremost – it highly advisable and important
We thought we would start with the most obvious reason – that it is important for your salon to have (at least) employers’ liability cover. This is to ensure that employers carry insurance against the personal injury of their employees; protecting both you and your team. Motor insurance is also a requirement if you are a mobile hairdresser using a vehicle to visit your clients. Although these are the only two requirements – we still recommend that you get full cover, to ensure protection with every possible mishap.
2. Don’t let Mother Nature ruin your Salon
We understand that it’s very unlikely that a hurricane, tornado, or earthquake are going to hit your beauty salon any time soon – but, there are still many natural disasters that could harm your business. These include floods ruining products and equipment or even accidental electrical fires burning your salon to the ground. It’s easy to tell yourself that “it will never happen to you” – but don’t put your life’s work at risk.
3. Do you trust ALL your clients?
Ask yourself – if you were to accidentally cause injury to one of your clients, or even simply botch up their hair: could you afford the claim against you without insurance? Just one little mistake or mix-up from you or your team could lead to you, not only losing the client but facing a hefty injury claim against you. When you have the correct insurance – you will have peace of mind and be able to concentrate on day-to-day operations without financial worry.
At entresure we are an end to end digital insurance brokerage firm that can help you get a tailor made package for your Saloon business. Head over to our Quote section page and request Quotation for your business.
More and more people are exiting the corporate world and taking the plunge into freelancing.
Many people are drawn to freelancing because of the freedom it affords. After all, being a freelancer lets you determine your own work hours and who you want to work with. On the flip side, as an independent contractor, you’ll be running your own business – and just like any business, that comes with risks.
Whether you’re already a freelancer or you’re considering leaving the corporate world, the right liability insurance policies can help protect you. Here’s what you need to know.
Why you need freelance insurance
If you have assets that need safeguarding, you already have all the incentive you need to carry freelance insurance. Consider the following scenarios:
If a fire or natural disaster destroys your place of business, how quickly could you bounce back? Consider that if you work from a home office, your home insurance likely won’t cover all of your business property and activities.
If you make a mistake, a client could claim that your services caused them financial losses. Could you afford an expensive lawsuit?
If the possibility of a lawsuit doesn’t convince you to carry freelance insurance, think about how you want your clients to perceive your business. Prospective clients prefer freelancers with contractor insurance because it’s often a trademark of professionalism, financially responsibility, and trustworthiness.
Whether your field of work is web design, software development, or consulting, you’ll face liabilities related to your job, including data theft, security breaches, and copyright infringement. And because the people who hire you are your clients, their insurance probably won’t cover you. In fact, many client contracts require you to have your own insurance before you can begin work.
Moreover, some clients have insurance that requires them to work solely with freelancers who are insured. Before a client signs a contract, they may request a certificate of liability insurance as proof that you’ve purchased an insurance policy. Not having the right coverage or enough coverage can keep you out of the running for a competitive contract or assignment. Having the right business insurance, on the other hand, sets you apart from other freelancers. It makes you look more professional, which can lead to more business opportunities.
What kind of freelance business insurance do I need?
Finding the right insurance for your area of expertise can help protect your business. For instance, if you’re a web designer, cyber liability insurance can help shield you from expenses related data theft and loss, as well as security and privacy breaches. If you’re a software developer, technology errors and omissions insurance can help cover claims of negligence in your professional work.
Several types of insurance are relevant no matter the type of freelance work you do. As a freelancer, you should consider purchasing:
General liability insurance. This policy kicks in when someone seeks compensation for a bodily injury they suffered on your premises or property damage caused by your work. General liability insurance may also cover claims of slander, libel, or copyright infringement.
Property insurance. If you own commercial property or expensive equipment, property insurance is a worthwhile investment. It pays to repair or replace assets damaged by certain events, such as fire or theft.
Business/Personal Comprehensive Motor Insurance. Many freelancers need to use a vehicle to get to and from clients and meetings. If you use your vehicle for business purposes, be aware that your personal auto policy may exclude accidents that happen during business trips. Commercial auto insurance can fill that gap.
These policies represent the most fundamental coverage options for independent businesses. In fact, small business owners purchase general liability and property insurance so frequently that companies bundle them together in a business owner’s policy.