Dallas Booth
National Insurance Brokers Association

We all accept that things can and do go wrong from time to time, with everything from major natural disasters ravaging entire communities, to little incidents that affect only one person or their family, such as a prang in the family car. To protect ourselves, we insure ourselves, our houses, cars, other possessions, and our businesses. And when things do go wrong, the insurance process responds.

Despite this, insurance can be a grudge purchase. For the most part, people pay their insurance premium each year and, fortunately, that is all that happens. They don’t have a loss, and they don’t have to make a claim. But if you do have a claim, then having the right insurance advice and cover, particularly with regard to business insurance, can save your very livelihood.

Business risks are great and varied and include:

· Loss of property

· Workplace injury and disease risks (workers compensation)

· Public liability

· In many cases, professional indemnity

· Management liability to protect your company

· Directors and Officers Liability to protect the company directors

· Cyber risks – to protect your computers, and the information on the computers

· Business interruption

Insurance can be a very complex product and most business owners don’t have sufficient understanding of their unique risks and exposures to be certain that they are adequately covered if worst comes to worst. And if they’re not, they can suffer losses which can cripple them financially, and destroy a lifetime’s hard work.