Business Insurance or Business Protection? Same thing, isn’t it?
Many people hear business insurance and business protection and automatically think they are the same thing, aren’t they? Short answer is no. The long answer would bore you to death, so we will look for a happy medium.
Business Insurance, in general, looks after ‘events’ that could happen to your business and also covers its physical assets (cars, vans, tools, machines etc). Liability cover, indemnity, cyber crime, fleet insurance, those kind of things. Commercial insurance would be another way to describe it.
An example – you could be a carpenter working at a property and you accidently knock your ladder into a fish tank/glass door/glass table/TV etc, and there is a certain amount of damage to be dealt with. Liability insurance can get this sorted easily.
We have some great agency agreements with various providers, so if you know what you need and want to get it dealt with quickly, just click here and our good friends at Simply Business will get it done in no time. If you’re not too sure, and would benefit from speaking with a professional click here and we’ll get your details passed to one of our specialists.
Business Protection, in general, looks after the people within a business – owners, shareholders, key members, staff and can provide a financial back up in the event of death, serious illness, or inability to work due to illness/sickness for period of time.
An example – our unlucky carpenter, whilst smashing the fish tank, also broke his leg when it was trapped under the ladder and couldn’t work for 6 months. His Income Protection plan, paid via his business, means he will also be sorted.
This is potentially quite a complex area, so click here and we’ll give you a call to discuss. You can also download our free guide to business protection here.