Decisions, Decisions, Decisions. If you are starting out in business or reviewing your initial company procedures and processes you will be faced by an endless choice of decisions to make.
Whilst the potential rewards of running a successful business drive them onwards, there are many challenges faced by small business owners, especially during the initial outset of the business when methods and procedures are being put in place. None more so when trying to navigate through the vagaries of business insurance risks and covers, which vary widely depending upon the type of business you engage in.
So where do you start to try to understand the risks that your business might face and the types of insurance that are available to protect your business from these risks?
Fortunately this has been recognised by specialist small business insurer, Hiscox who understands that business owners want to focus on what they do best – running their business.
So they have created a Business Insurance Decision Tree in the form of an infographic to help steer small business owners through the different types of insurance available to them.
The Hiscox Business Insurance Decision Tree looks at variables such as whether you work from home or in an office, how many employees you have and what type of property you own, suggesting applicable cover which best suits an SME’s (Small to Medium Sized Enterprises) needs.
So whether it is office contents insurance for damage to property, employers’ liability for those with employees, professional indemnity insurance when offering advice, or public liability insurance, the Business Insurance Decision Tree can help clarify which insurance is suitable.
Hiscox SME Underwriting Manager, Deepak Soni, comments: “SMEs are experts in their area, but we don’t expect them to be experts in insurance, that’s what we are here for. No two businesses are the same, so the Business Insurance Decision Tree is a useful tool to help SMEs understand the risks they face and get the right cover in place.”