When you come right down to it, there is an inherent risk in every action that we perform on any given day. Risk is a natural part of our world and it most certainly is a natural part of the business world. Entrepreneurs and business tycoons are said to be ‘risk takers’ and have a popular image akin to the wild gambler who bets it all on a turn of a card. In reality though, successful business people are far removed from this stereotype. Most business owners and entrepreneurs take only very calculated risks where they have carefully weighed up the pros and cons of the situation.
However, even the most mundane and routine working days can carry elements of risk that could potentially cripple a business. Fire, theft, accidents, interruptions to business and the like all pose significant threats to the viability of a business. There are also other dangers such as fraud, injuries, property damage and legal issues. Recognising these risks and acting to reduce them is not only a smart idea, it’s just common sense in the business world.
The best way to minimise your day to day risk is to ensure that your business is covered by the appropriate insurance policies. Let’s weigh up the risks and rewards by exploring the dangers of running an uninsured business, and the rewards of having the right policies in place.
Do You Know the Risks of Being Uninsured?
In business, cutting costs and streamlining your operations is great for your bottom line. By minimising expenditure, you can boost your profit margins easily and quickly. However, there is one area where a business should never skimp on: insurance. Unfortunately, many small business owners simply disregard many types of insurance believing that ‘It’ll never happen to me’ or not even realising that they require cover in the first place! Without adequate insurance cover, a simple accident could result in legal action that could effectively wipe out your finances. Likewise, your business might be facing hefty fines or penalties. The only way to guard against these scenarios is to ensure that your business has the right insurance.
The Rewards of Having the Right Insurance
Like the moat around a castle or a knight’s shining armour, insurance is your best protection against possible threats. With the proper insurance, you will be able to carry on your usual business routines without having to worry about any unexpected problems. If you stop for a moment and consider all the hard work and effort that goes into building a business, it is easy to see why investing in insurance is a good idea. Adequate business insurance cover will give you peace of mind and the protection you need to grow, both now and into the future.
If you would like to discuss your needs with a professional insurance broker, contact PIC today on 09 274 5751 or fill in a quote form. Alternatively, you can find more by exploring the insurance options on our website www.pic.co.nz