Keeping your business safe – Part 2

English: Thomas Boylston to Thomas Jefferson, ...

English: Thomas Boylston to Thomas Jefferson, May 1786, Maritime Insurance Premiums (Photo credit: Wikipedia)

Keeping your cover

You are the boss. It is your business. But suppose you were not there for a week, or a month, or many months, or couldn’t work ever again. How would you manage?

I believe in insurance and I believe in common sense. Not everyone does believe in insurance. I know people who have been robbed, and people who have lost their possessions in a fire and they were not insured because they “didn’t believe in it”. For a small annual outlay they could have replaced what they had lost; of course not personal or family items of sentimental value, but at least stuff to help them get on with their lives.

So it is with business. Paid for insurance should cover:

  • Compensation when we are not able to work due to illness or accident.
  • Perhaps paying someone experienced to work in our place
  • Indemnity insurance in case our business is sued. We may have done nothing wrong at all but we might still have to pay lawyers fees.
  • Accident insurance in case anyone visiting us or working with us has a serious mishap.

Being sensible

Then there is the common sense insurance:

  • Have someone nominated who can step into our shoes if we are not there, and make sure they would be able to do so by briefing them “just in case”.
  • Keep as fit as we reasonably can. Go for a walk every day, go to the gym, eat sensibly. Take precautions.
  • Have a ‘flu jab every year.

There will be people who disagree with me because they still don’t “believe” in insurance or they have “heard” that people can get bad reactions to ‘flu jabs. Of course we cannot argue with those who won’t listen. Some would rather risk being broke when their business collapses because they were not insured. There are those who would rather risk being ill in bed for two or three weeks than have a ‘flu jab.

I am risk averse and not ashamed of it. I pay my insurance premiums. I have my ‘flu jabs. I would not want put at risk my clients and my colleagues by not being insured, and I would not want to give the ‘flu to my colleagues or to my elderly relatives who are most at risk.

Do you feel assured that you are insured?

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