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Time is money, so here’s how business insurance can help

It may be an old-age cliché but when it comes to business, time really is money and it’s time to stop wasting both.

There is a whole manner of issues that can cause businesses to lose out on both time and money, studies report that employees spend 31 hours per month in meetings and less than 60% of that time working productively. That work-rate is just not good enough — most of us are in business to be successful and make money. Profits are key for further investment and to be able to pay the wages of employees. Upping the level of productivity is not the only way businesses can save both time and money, business insurance can also help.

When it comes to renewing or taking out insurance, as a business owner, you should be sure to perform a review of the requirements of your business insurance and if necessary, consult with an insurance broker to discuss every aspect of the coverage. Small upgrades to the premises such as sprinkler systems, security systems, updated fire alarms and patrols can all help to bring your insurance premiums down as the risk is likely to be lower. And even if you work from home, your existing home insurance policy will not cover you for any business-related activities thus adequate changes are needed.

Associated risks

Running a business comes with several risks and it’s not just deals falling through or unreliable clients you need to consider. An employee may get injured on the job, a client may breach their contract, a natural disaster could destroy the premises, hence business insurance is a must, not to mention that it’s actually the law. However, taking out business insurance does not have to be as daunting tasking as it seems. Insurance professionals such as Tradesman Saver are in the market to offer top value but low-cost insurance and do so for a vast array of professionals and tradesmen, allowing you to concentrate on the proficient running of your business.

Having business insurance will protect in case of the unfortunate event that you are sued. If this was to happen without business insurance, you could be in danger of losing a shed load of money causing your business to fold and all it takes is one accident or one broken contract. It can also save time and money in the event of a natural disaster if a storm comes along and floods your premises, not only is it going to cost a lot to be repaired, you’re going to lose out on a lot of time whilst those repairs are being carried out but having reliable business insurance would help to speed up the process in no time.

With all of this in mind, it must be remembered that business insurance is not just about protecting your business in worse case scenarios, but it can also help to retain and attract employees meaning the hiring process isn’t as drawn out as you once thought. After salary, those looking for work look for the employee benefits package which includes a decent insurance policy.