Business Myths

When it comes to the world of business insurance, you’d be forgiven for getting lost amongst different terms, policy types, companies and, of course, rumours and myths that circulate in the industry. From which insurance policies are a necessity, to misconceptions that insurance has to be expensive, the myths around business insurance are plentiful. To help you wade through the confusion, we’ve put together some of the top business insurance myths and have debunked them for you.

Business Myths Infographic

MYTH #1: Public Liability Insurance Isn’t Necessary

The myth that Public Liability Insurance isn’t necessary may hold some truth in the fact that it is not a legal requirement, however, it’s not quite that simple! While you can operate without this policy, you may find that some clients or businesses that you work with will require you to have this insurance policy before you start work, and some trade unions or associations may also expect you to have this kind of insurance in place before you can register. Ultimately, while a legal requirement, public liability insurance is useful to have, not only for being able to get work, but for protecting your clients and your business against any claims made for injury or damage to property.

MYTH #2: You Don’t Need Insurance If You’re Working From Home

With more and more of us choosing to work from the comfort of our own homes, the number of businesses starting up from home is growing. However, with that growth has come the myth that you don’t need business insurance if you operate from home. The reality, once again, is very different. While your home insurance can cover a certain level of business activity and equipment, a full business insurance policy is a must. Businesses are typically open to more risks than a home, both physically and financially and having a proper business insurance policy will ensure that you are covered correctly and fully for when you need it most.

MYTH #3: Business Insurance is Too Expensive

As with any insurance policy, business insurance does come at a cost, however, it may not be as high as you think! We explore all of our highly-rated, trustworthy insurance providers to source the perfect policy for your business, ensuring that you’re only paying what is necessary to protect your business. What’s more, business insurance is certainly worth every penny that you pay for it. Business costs are high enough, but with repairs, renovations or even lawsuits to consider, this price just goes up. With insurance, these are often covered, relieving you of what can be incredibly high financial burdens.

MYTH #4: My Business is Too Small to Need Insurance

Whether it’s just you, or you only have a handful of employees, or your business just hasn’t grown enough to seem like you need insurance, don’t let it fool you – any business is at risk of losses and the right insurance policies can help to protect you in these cases. The smaller your business, the more you may struggle to tackle any financial strain of claims made by third parties for injury or damage, or the more you may find it difficult to pay for any repairs or renovation when it’s needed. 

For more information on how business insurance can help your business or what policies you may need, get in touch with Ashburnham Insurance on FREEPHONE 0800 1696137.

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