Your Business With James Caan 2017 - 251
INSURANCE This is because you're more likely to drive further and at busier times than usual, and therefore your potential risk of a claim increases. If you use your own vehicle for business purposes, you must inform your insurer so it can change your cover to match the new circumstances. When it comes to getting quotes for business car insurance, in addition to the usual information required (your age, model of car, profession and claim history) you'll need to give details about the nature of your business and estimated mileage. There are a variety of policies that are available, so speak to your insurer for advice on the relevant cover for you. CYBER ATTACKS YOUR HARDWARE IS ALWAYS AT RISK - AND THAT MEANS YOUR INFORMATION IS TOO. BUT THERE ARE WAYS TO PROTECT YOUR PROFITS companies always open to staff security errors and breaches, cyber attack insurance is now increasingly important. Cyber policies have kept up with the changing face of cyber crime and cover the broad range of risks companies now face. Many policies also include a "breach response" element, which provides a number to call in case of an incident. Your insurer will then guide you through With high-profile cyber attacks hitting a process to help minimise damage and the headlines over the past few years, loss caused by a cyber event. security risks have been thrust into the Cyber policies can therefore put In a similar way to employers' liability, public liability insurance covers your business against injury claims by customers or other members of the public. These types of claim are becoming increasingly common, so cover in the event of such an incident is crucial. Without the right insurance in place, someone tripping up when walking into your shop could spell disaster, so get yourself tailored cover to make certain your entire business doesn't fall down at the same time. spotlight. Everyone from celebrities to an effective strategy in place in case multinational corporations has suffered something does go wrong, as well as cyber attacks, and it's true to say that no offering financial protection. PROPERTY PUBLIC LIABILITY Commercial property insurance covers your place of work and its contents in the event of a fire or flood. This can include buildings, fixtures and fittings, plus anything from computers and business machinery to cash and stock, whether this is work in progress or finished goods for sale. Property insurance will also typically cover business interruption that involves any consequences following property damage, such as the possible loss of profit and increased costs to rebuild the business. If your business is based in your home, your homeowner's insurance policy is unlikely to cover any business-related losses, so it's imperative to extend your policies to cover business risks such as property damage. That said, homeowner's insurance may not necessarily be one is safe - including small businesses. Cyber attacks have not only become GET SUPPORT more frequent but the cost is also going As well as your insurance company, up, with breaches resulting in millions of there are other professional bodies that pounds' worth of compensation, fines can help you protect your business. and lost business every year. For SMEs, Membership of a not-for-profit business the cost of the most severe breaches can support organisation, for example, now reach over £300,000, according to allows access to dedicated business the government's Information Security support services and advisers. It can Breaches survey. The survey also found also include comprehensive legal that 74% of small and medium-sized expenses insurance that covers the businesses had reported suffering an cost of defending claims such as information security breach. employment disputes, health and safety Following the government's cyber security guidance (see ncsc.gov.uk/ issues and tax investigations. Schemes also offer members access guidance) can help you to manage your to business resources including legal company's cyber risks, but with hackers advice and partner networks offering becoming ever more sophisticated and facilities including employee healthcare. able to cover all your home-based business needs, so speak to your home insurance provider to find out how to ensure that you're fully covered. HEALTH INSURANCE Your staff are among your most valuable business assets, so it pays to look after them with private health cover. Offering a group health insurance plan also helps to attract and keep quality workers, plus the employee premium you pay as a business owner is tax deductible, so providing health insurance as part of your employee benefits package has advantages all round. There are numerous options, which means you can offer your employees one plan or let them choose from multiple plans. Other things to consider are whether you want to offer only health coverage, health and dental coverage, or only dental coverage. You can also choose how much you pay towards your employees' premiums, whether to offer coverage to their dependents and how long new employees must wait before joining the plan. 251