Young entrepreneurs are taking the Indian economy by storm, by not only ensuing new ideas and concept, but by also creating job opportunities for the youth. In order to further this cause, the Government of India has initiated various scheme and incentives that will make the process of company incorporation and funding easy. While a great product or service is the driving force for an enterprise, we tend to undermine contingency plans that are equally crucial for running a business. Particularly for start-up enterprise that do not have the adequate capital to cover an emergency.
Getting business insurance seems to be an afterthought for most and is easily forgotten. But most don’t realize the importance of getting an office insurance policy. In today’s unpredictable environment it can be quite risky to not have one. No matter the type of industry or business sector, even small and medium-sized businesses such as accountants, solicitors and general offices - all require at least a simple but comprehensive insurance policy and most insurance companies must as a practice include cost of insurance in their budget. Generally, SME Insurance requires covering things like- property, computers, equipment, business interruption, money and so on.
If you find it confusing as to which policy to take; then it is best to speak to an expert on the policy which best suits your business. For instance, you can choose to speak to experts from insurance companies like SecureNow who can offer expertise and advice; based on their years of experience on the insurance best suited to your needs.
Putting it simply, getting an office insurance policy is much more important than most realize and here are some critical reasons why:
1. Natural Disasters
Life is not certain and as we all are exposed to its risks so is the business. For example what if there is a fire or a natural disaster like a flood or earthquake and the business does not survive. In face of such a loss there can be great damage done to your stock, equipment, assets, important documents and files. You even may need to shut shop for some months and in a competitive trade it is possible most of your clients shift to another office/vendor; this can be frustrating as you may need to start from square one to again increase your clientele; also it might become difficult to run the office without half of the clients. In such a case it is reassuring to know that you can rely on some source of income due to your insurance policy; and it could also help salvaging your business. Catastrophic losses cannot be predicted and it is best to be insured by taking insurance as well as business interruption insurance to ensure that you do not face cash flow problems.
2. Burglary
Any instances of burglary or theft in the office come under the purview of burglary insurance, which is an integral part of most property or office insurance policy for employees. This policy provider cover against theft of cash and other valuables including the damage to the office premises caused from forceful entry into the office.
3. Business Loss
Imagine a scenario where you have incurred a business loss due to breakdown of electronic equipment. In such a case, depending upon the terms of the policy, you will not only be covered against the repair or replacement of the electronic equipment, but also get a compensation against loss of business incurred during the phase.
4. Incidents of Accidental damage
While most overlook this aspect, the contents in your office such as; the equipments and furniture etc can cost quite a lot when put together. Hence getting content insurance is as important as getting a building insurance. So in case of accidental damage or depending on the agreement sometimes even for contents of the company stolen or damaged outside like neon signs, hoardings to promote your business; you would be insured appropriately.
Besides the above there are additional reasons as to why it is important to get an office insurance policy. Finally the amount of insurance you take solely depends on your industry, the nature of business, structure and assets the business has. For instance a Chartered Accountant firm that owns the building where the firm operates could require more insurance; than a clothes designer operating out of home. Speaking to an expert before taking a final call on your insurance cover; can help you get the most apt insurance policy suited for your business.