Like most entrepreneurs, you know that not everything in business goes as planned. In order to make sure that you don’t have to pay out-of-pocket for any surprise mishaps, the best thing to do would be to invest in a business insurance to help you cover costs such as property damage and liability claims.
Many company owners do not give priority to having insurance, but having your business insured is crucial, especially when your business is small and any financial mishap could wipe out your assets.
With the daily running of a business comes inherent risks. From having an employee injured on the job to also having any other issue which could jeopardise the running of your business.
You wouldn’t want to lose all that you’ve been working on just because you placed insurance at the bottom of your list of priorities. While when opening a business there seems to be a lot of costs to be given priority over other things, insurance should be placed at the top with the rest.
You wouldn’t build your business on quick sand, so why let a ticking time bomb determine the future of your own business?
Recognise the importance
Just like requesting and giving importance to having a warranty with items which you buy, business insurance can be the lifeline to your business. It serves as a safety net when things go south.
Your mindset is vital when it comes to investing in your business. You have to believe in what you’re doing and not look at things with half a heart. This means that learning about the different types of insurances there are for your business while also recognise the need for them is as vital as actually choosing to invest in one.
This will help you understand better why not having a business insurance could be detrimental for your company where with one serious incident, you might need to close up for good.
Identify your needs
It is highly important to identify what kind of insurance your business needs. When it comes to insurance in Malta, business owners need to identify what they need to be covered from.
From rent loss to injury on the workplace, their business ideals need to be compared to the daily risks and needs. This will surely help when trying to identify which insurance to choose.
In order to identify what your business needs, you first need to look at your company both inside and also from the outside. From taking into account of what your business does and its roles, to whom it employs and how many employees you have. This will help you determine which insurance would be best to invest in.
Plan for that rainy day
Whether having a catering establishment, being a retailer to running an office, having a Small and Medium Enterprises Insurance is a great business decision which will leave your business prepared for any unforeseen circumstances.
This will allow you to focus on what your business does best. It will take a heavy load off your shoulders and allow you to put your mind at ease that in case certain mishaps take place, you’ve already planned ahead for it.
Be it loss of rent, stock in trade, any machinery or electronic equipment and furniture – your business is in safe hands as an SME Insurance serves as a battle ready armour for your business.
Should your property get damaged, an SME Insurance will keep your business up and running. This will salvage the impact left on your business as while you are left without a property, at least your income is not as affected.
Cover your business
Whether being a new business owner, or already running one, public liability insurance should be considered right away.
It offers protection in the case of third-party property damage and claims which could cover your business’s actions.
A good example is when owning an office where your clients are visiting, should a client injure himself while on premises, you could be held liable for those injuries. Such injuries could be from having your client slip while on site or even having one of your employees spill coffee on one of your client’s laptop.
This might create an incident in which your business can be held liable for these injuries, meaning that a third party would seek damages to cover costs making your business be financially responsible with such costs might cause a direct hit to the running of your business.
This insurance is a benefit for various types of businesses. If your business interacts with people whether clients, customers or even partners, this insurance is a smart policy to have. The consequences of one accident could cost your business much more than what this simple policy would cost you, and with most of the businesses on our islands being client facing this would make it a perfect investment in Malta for your business.
Create a safety net for your business & employees
In many countries, businesses that have a number of employees are obligated through a law to invest in an insurance which covers their employees. An employer’s insurance will ensure that should your employees be injured on the job, they will receive the necessary benefits. This will help solve any issue which might result in employees suing their employer for any mishaps which they might have been involved in.
By investing in an employer’s liability, you will put your mind at ease while running your business to success without having to worry that one of your employees might sue you for one thing or another.
This insurance could be a good add on for your business, especially if your company’s role is of a matter in which the employees’ role could cause him an injury, but not only. This is a policy which would cover you for injuries which are sustained by any employee whilst he is conducting any activities which are associated with work.
Deal with those errors!
If you run a professional business, this might be vital for you. Certain businesses who invest in Malta usually choose to have Professional Indemnity.
This will help in protecting your business from lawsuits which were caused by any errors done in your company and also cases of negligence done by your business. Human errors are very common where for one error done by your business it could lose a client money.
In this regard, Professional Indemnity will help you cover these costs should the same client sue your company for the damages which were caused.
Being hit with a lawsuit is no walk in the park for any business, so having an insurance which helps you deal with such issues are considered to be god sent when the need arises. Also, you might come across clients who would only want to be your client if your business is insured through such a policy.
Protect your baby!
Having a business is like having a baby. Any entrepreneur can agree that taking care of a business is similar to taking care of your own child. The work and effort you put into your business daily usually takes up many hours out of your life, so having your business destroyed by something which could have been prevented surely is not something anyone wishes to go through.
Instead of losing money, or yet worse your business, looking into which insurance best suits you and your business could save you money and time.
Various business who opt to invest in Malta look into what it takes to insure the running of their business, depending on the sector which they operate in and also their role within society.
It only takes a few minutes to call one of Zenith’s offices to set an appointment, any day and time which best suits you. While you will not be obligated to do a business insurance, learning about the benefits and also what options there are won’t hurt. You won’t be losing anything by learning how you can guarantee a safe and secure running of your business.
If you wish to know more about which business insurance is best for your business and also which investments in Malta are most popular, speak to one of our advisors at Zenith Group by giving us a call on (+356) 2133 2200 or by dropping us an e-mail on email@example.com
Zenith Finance Limited is licensed to conduct investment services business by the Malta Financial Services Authority under Section 6 of the Investment Services Act, 1994 of the Laws of Malta. This article is published solely for informational purposes and does not intend to give investment advice and the contents therein should not be construed as such. The directors or related parties, including the company, and their clients are likely to have an interest in securities to which this report relates. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.