Many a business has come a cropper by adopting the ‘she’ll be right’ approach to business insurance, in the false belief that they’re saving a few bucks that needn’t really be spent- after all, what’s the worst that could happen? McKenzie Ross know all to well just what can happen.
My friend Kitty ran a bicycle repair business from a delipidated share house in Carlton North. She actually made quite a pretty penny- you’d be surprised at how many bike users have not the faintest clue how to carry out basic maintenance on their chosen mode of transport. Kitty, a highly competent girl in every regard, had the right idea in exploiting the uselessness of the students that populated the area. She also, unfortunately, had zero business nous. Trusting that everyone was as cool and trustworthy as her, she left all the bicycles on the front porch with a haphazard chain lock arrangement. One night, all her clients bikes were stolen. That amounted to somewhere in the region of 6,0000 dollars worth of two wheelers. Kitty’s business was finished, and she was forced to sing show tunes on Lygon Street to earn the money with which to reimburse her aggrieved clients (slight exaggeration)
Naturally, all this could have been averted had she taken out the right kind of insurance for her business.
Having insurance is one thing, having the right kind of insurance another entirely. In order to choose the insurance that best suits your business, and will ensure you aren’t left in the cold after a catastrophe, you need to take a close look at the kinds of incidents your business is most vulnerable to.
Some businesses, for instance, are more vulnerable to employee theft or dishonesty than others. Perhaps you have a large turnover of staff. Maybe your employees work without supervision around sensitive company information or cash registers. Maybe they even have access to bank account details. If this a potential source of concern for your business, you might consider Employee Dishonesty coverage. This insures you against employee theft and fraud.
Taking a bit of time to work out what you need from your business insurance is a simple way to safeguard against the kinds of scenarios that have the potential to railroad your business.