How indemnity insurance could save your small business.
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It’s a fact that most small businesses fail within their first year.
Why is this?
It is partly because people take on a small business full of hopes and dreams but sadly lacking in the stuff that is needed to make it work: experience and the right skills or qualifications.
It is also because people don’t realise just how much work is involved in having your own business. They imagine working at the kitchen table in their pyjamas and taking a half day on Friday – all because they are the boss.
The reality couldn’t be any more different. Your own business means never switching off and putting work first – always. Many people either don’t realise this kind of dedication is needed and the business both suffers and fails, or the owners quit.
The most shocking kinds of failure behind a small business come from neither poor preparation or a lack of hard work but from external factors: national or global economic downturns, too much competition from the heavyweights (supermarket chains etc...) or as a result of an insurance claim by an unhappy client.
You can’t protect yourself against all the threats to your small business but you can do as much as you can.
Taking out indemnity insurance cover such as professional indemnity is the first step.
Whether you are just starting out or taking on a new contract, you need the protection of an indemnity insurance cover such as professional indemnity as a defence against:
• Negligence and breach of a duty of care
• Negligent misstatement or misrepresentation
• Infringement of intellectual property rights
• Intentional dishonesty of your partners, directors, employees or self employed freelancers*
(*Information taken from www.insuredrisks.co.uk)
Contact an experienced and professional insurance company such as Master Cover Insured Risks for advice on the right cover for you and your small business. At the very least that way, the future success – or failure – of your business, lies in your hands and nobody else’s. |
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Author Resource:-
The Article is written by www.insuredrisks.co.uk providing Liability Insurance and Professional Indemnity Insurance Services. Visit http://www.insuredrisks.co.uk for more information on www.insuredrisks.co.uk Products & Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links & this copyright statement must be included. Visit www.insuredrisks.co.uk for more services!
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By :
Ronald Kresten
Submitted
2011-05-03 04:15:10 |
Article From Article Mayhem
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