If you want to own and run a business, at some point, you’ll have to take out business insurance. Not only is it a necessity from a financial perspective, more often than not it’s the law. The problem is that the insurance market can be rather difficult to navigate, especially if being a CEO is new to you.
This complexity has meant that a lot of myths have crept into the business insurance market. Today, we’re going to bust some of those myths so that you can get the insurance you need.
Myth #1: You Don’t Need Business Insurance Because You Work From Home
Many people starting up a business believe that just because they work from home, their business is covered by their home insurance. They have this quaint idea that business cover is just cover for business content and nothing else.
Of course, business insurance isn’t just about insuring your business laptop, just in case it gets damaged or stolen. It’s also about protecting you from other threats you face when you start your own company. One of the risks you face is being sued by your clients for selling them a faulty product or giving them bad advice. Sometimes, lawsuits of this variety can wind up with you paying damages amounting to thousands of pounds. Obviously, you don’t want to have to pay that out of pocket so practically every business these days buys public liability insurance to protect it from such claims.