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Small Business Insurance What Really Is, and Do I Need It?

 Small Business Insurance What Really Is, and Do I Need It?

Small Business Insurance What Really Is. Business liability insurance, Most startup entrepreneurs take out business liability insurance. You may already have personal liability insurance. But when you accidentally drop a cup of coffee on a laptop onto your client or when you visit a customer, it's not enough. It will help if you have business liability insurance to cover the damage you cause from your company to people or property belonging to others. Some companies even require business liability insurance if you start working there as an entrepreneur.

Additional professional liability insurance is essential in consulting services

For example, if you work as an architect, engineer, lawyer, marketing advisor, or accountant, the wrong decision or advice can have significant consequences. Due to a simple error or miscalculation, your clients may incur losses or lose turnover. You could be held liable for such professional misconduct, with significant financial consequences for your company. With professional liability insurance as a supplement to your business liability insurance, you ensure that this risk is covered.

Starting in the building, think beyond All-risk Construction (CAR) insurance

Are you, for example, a contractor, do you own a home improvement business, or are you, fitter? With Construction All-risk (CAR) insurance and your business liability insurance, you are covered for construction damage. For example, because of the storm. You are also covered for damage to:

The building material you use to build an object.

Auxiliary materials, such as scaffolding, tools, and construction chains.

Your client's property if the renovation work causes damage.

Business legal fee insurance

Most startups also take out business legal aid insurance. Many beginners think that legal fee insurance is only useful in legal conflicts. But did you know that this can happen if your customers don't pay your bills? Unfortunately, your personal legal expense insurance does not offer legal assistance for business matters. With business insurance or legal aid, you get this help. You pay a monthly premium tailored to your profession and risk.

Inventory Insurance

There is a reasonable possibility that you have purchased equipment, machinery, or other business assets for your work. With inventory insurance, you have coverage for theft, robbery, fire, hail, storm, and water damage.

Have you bought or rented commercial property, and you want to check your inventory? Then it would be better if you have inventory insurance. Do you work from home? Then ask if your personal household insurance also provides inventory for your home business. And if so, how much? Not every insurance company differentiates between your personal household items and your business inventory. 

The private Interpolis All in One Policy® ensures business inventory of up to €25,000 ($26,317.00). But that doesn't apply to every insurance company. If your household insurance is insufficient, you can take out separate inventory insurance.

Portable electronic equipment, such as smartphones, laptops, and tablets, is often uninsured outside your business location. You need additional insurance so that this electronic equipment is properly insured. Most insurance companies, including Interpolis, take this insurance to complement inventory insurance.

Inventory Insurance

Private household insurance does not cover business supplies. You need stock insurance, especially if you own a place of business or rent a place to store your inventory. But it helps if you also have stock insurance for supplies in your home or garage because home contents insurance doesn't cover that.

Business car insurance

Business liability insurance is mandatory if you purchase a car or delivery van on behalf of your company. If the car or van is in your name, you can also confirm it personally. 

Note: Most insurance companies have restrictions for business use. Business car insurance is mandatory if you drive more kilometers, even if you purchased a (delivery) car personally. So ask this carefully to avoid discussion afterward in case of a breakdown.

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