Insurance Do A Silent Job For Company

Business insurance decreases the costs of the company in the long run, contrary to te common misconception. Hence, whether it's a state requirement or not, it is important for a business owner to think about it. It will help in clearing up on what is at stake should the business owner neglect the importance of business insurance.

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Which insurances can you expense in the UK

What Insurances can you Expense in the UK?
When you are running a business it makes sense to constantly be on the look-out for ways to save money in order to increase profits. Often one of the most overlooked ways of doing this is to examine which expenses businesses can legitimately claim back from their profits, with insurance expenses being the most often ignored. By law, a business can claim back insurance costs against their profits so long as the insurance is required by the business and it can be demonstrated that having the cover is beneficial purely to the business and that nobody else benefits. Here are some of the most popular insurances that can be claimed.

Health Insurance

If a business owner or a key person to the business were to fall ill they might struggle to keep an income from the business coming in. It is always wise, therefore, to pay for private health cover to mitigate any waiting times to see specialists, which can mean earners are back up and running sooner. Illness can have an enormous impact on profits and overall success within a business and it is for this reason that owners can legitimately treat healthcare costs as a business essential and therefore treat it as a business expense.

Business Insurances

Most businesses require standard insurance policies to be in place to protect their business should something go wrong, and these all fall under the category of insurances that can be treated as a business expense. Insurance policies such as public liability insurance from Kingsbridge UK which protects businesses should anything happen to a member of the public while they were interacting with a business or professional indemnity insurance which covers businesses against claims of inadequate services or products can all be expensed. Simply put, any insurance which protects the business can all be paid for by the business.

Travel or Household Insurances

For those who work from home or drive their own car as part of their business, it is possible to recover some of their insurance costs from the profits of their business. For instance, those driving their own car are entitled to claim back a proportion of their car insurance for the times where they are driving the car for business purposes. In order to this, it is wise to keep a log of business mileage over a representative period and use this to work out the proportion of the time that the car is used for business purposes and then work out the cost element for this. Those who work from home can also claim back a proportion for home insurance. The amount claimable should be calculated based on the proportion of the household that is used to run the business and is normally calculated based on the number of rooms used for business operation compared to the total number of rooms in the house.

Key Person Insurance

This is an extremely useful insurance policy for any business to have in place and it is completely legitimate to claim back the cost of it from profits. This insurance means that a business can protect itself from a loss in profits following the death of a key member of the business. Business owners should always talk to a professional advisor, however, before setting up this type of insurance policy as without prior thought and care a payout could leave recipients facing a hefty tax bill.

Understanding Business Insurance and Its Importance

Starting a small business is already a big risk. Hence, it is natural for a business owner to save as much money as he can to focus on bigger things that can help in developing his business. However, it’s quite tempting to not have business insurance especially if it’s not required by the law in the first place.
In fact, the Next Insurance conducted a survey and found out that approximately 44% of businesses have no insurance at all. If you are one of the business owners who is still contemplating over this matter, it is important that you first understand the importance of business insurance and how it can help your company.

1. Learn the type of available commercial insurance
To start with, you must learn the different types of commercial insurance available. In that way, you’ll be able to choose the right one for your business.
• Premises liability. It refers to the insurance that covers the ownership and the occupancy of the said business. For instance, a case wherein a customer had accidentally slipped on the wet floor (assuming you’ve placed a sign).
• Operations liability. It refers to the insurance that will cover the expense for any injury that occurred in the process of any business activity. Most of the contractors and blue-collared workers are associated with this insurance. For instance, one of the workers at a contractor’s job site is badly hurt because of the falling debris while walking on the ground.
• Products and completed operations liability. It refers to the accident that about the complete outputs of the manufacturer. Let’s say, one of the medications caused adverse effects to the patient because of its defective parts.

2. The nature of business plays a big role
When it comes to the insurance, the nature of your business will most certainly play a major role whether you are to pay a lot or not. For instance, it seems reasonable that the fireworks shop will pay more for insurance compared to a clothing shop because there is greater risk involved in fireworks shop than the clothing store. Aside from that, the insurance company will also check the past sales of the business when deciding on the rate. Because no one can determine what’s going to happen in the next couple of months, or weeks, or even hours, the quote is just simply an estimate. If what happened is more than what they have anticipated, expect to owe some to the insurance company, but if less, then the insurance company wouldn’t hesitate to give back your money.

3. Know the limitations of liability insurance
Before you choose one, it is important to know the limitations of the liability insurance. For instance, the general liability does not necessarily mean that it’ll cover everything. The sickness of the employee is not included. Even if it’s full-time or part-time, or even the family members that are working for your company. If it had been proven that the damage is intentional, it would not also be covered. The quality of artistry is also not included. That’s why it is important to talk with an insurance professional to serve as your guide in choosing the right insurance company.

For some states, liability insurance is considered a requirement for business owners. Hence, it is essential to educate yourself about business insurance first. It will help you to make the right decision in choosing the right insurance company for your business. Aside from that, the services of an insurance professional are helpful, especially for first-time business owners.


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