BY DEMETRIO ZEMA
Everyday we have clients and potential clients ask us something about insurance. Every business faces some form of risk, some high and some low, and it is important that to the extent possible, each business transfers as much risk as possible to an insurer.
Insurance is an integral part of any business. When assessing liability, you must first assess the business structure which you operate in and the level of risk which you and/or your company are exposed to.
Specific insurance needs are dependent on the type of business you operate and the level of risk tolerance you have. Some insurances to consider (if you do not already have these policies are) are:
Public Liability Insurance
This protects you and your business against the financial risk of being found liable to a third party (such as a member) for death, injury, loss or damage of property.
Professional Indemnity Insurance
This protects you and your business in the event you provide incorrect or negligent nutritional or exercise advice to a member which causes them to suffer or sustain loss and/or damage.
Directors & Offices Insurance / Management Liability
This protects you personally and any management or directors of a company/business particularly for any accidents, sickness, or negligence.
This protects you and your business in the event of any data breaches, cyber attacks including transmission of any viruses or crypto-hackers. Every business should have cyber insurance.
Insurance is an integral part of business and having the right cover and understanding your obligations under the relevant policy could be the difference between survival or death of a business in the event a claim needs to be made. There are a myriad of insurance policies available and a number of avid brokers and insurers eager to get your business. Through all the bright lights though it is crucial that your business is correctly and adequately protected from foreseeable risk. Any risk which can be transferred to an insurer should be and your business should have its insurance policies independently audited at least once every three years to ensure the policies are relevant and applicable. Remember, there is no point paying a premium for a policy that doesn’t cover you or protect you.
At Law Squared, we partner with passionate entrepreneurs and businesses who need our technical help and expertise. We’d love to have a chat with you, so feel free to drop us an email firstname.lastname@example.org
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