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Lesser known types of business insurance

Its all Insurance

Posted on Tuesday, May 27, 2014

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Business insurance you may not know you can get

Most small businesses will have business insurance policies that cover the most obvious eventualities and insulate them against the most common types of losses.

This would include office contents insurance, employee liability insurance, building insurancecar insurance, insurance against theft, and insurance against fire and water damage.

However, there are other – lesser known – types of insurance that may be appropriate for your business, depending on what types of activities/services you conduct. Here’s an overview of a few of the more unusual types of business insurance that your company/business may benefit from…


Business interruption insurance

While you may be insured against theft or accidents that could befall your business (like water damage, fire destruction or damage to buildings), many businesses are not aware that they can take insurance to cover loss of revenue resulting from this damage or loss of property.

If you lose equipment or the ability to use your business premises, you’re not only losing assets – you’re also losing the ability to earn revenue. It can take a few days to replace stolen or damaged equipment, and even longer to repair your offices or buildings. In the meantime you are still paying salaries, rent and other overheads, while being unable to use your staff and other resources to earn income.

Business interruption insurance covers you should you end up in a situation where your business is temporarily incapacitated and unable to earn revenue.

Bad debt insurance

One of the biggest risks to your business is that of clients or other debtors not paying for services rendered. Not only do your profits depend on these payments, your short-term cash flow depends on it too. Many businesses have had to shut down their doors, not because they weren’t viable in the long term, but because they couldn’t afford to keep running in the short term, due to non-payment of money due to them.

Bad debt insurance covers you in the event that your business is unable to recover outstanding payments that are owed to you by your customers. This insurance can also include expenses you may incur in trying to track them down to recover outstanding debts.

Insurance for goods in transit

If your business ever needs to transfer goods – to customers or if you’re relocating – goods in transit insurance will cover you against the loss of these goods. This usually includes insurance while in storage before and after being transported.

Key personnel insurance

It is often the case that a small business depends on the skills or abilities of a specific person, often the owner or a partner. If that person were to pass away or leave the company, there would be a significant loss to the business. If skills have not been properly transferred, it may even mean that the business ceases operating.

This type of insurance covers against this eventuality, by allowing you to place a value on this loss, designed to tide the business over until you can replace the skills and abilities that have been lost.

While taking our cover to insure your business against is advised, the type of cover you decide on is even more important. Budget Business Insurance gives you the flexibility to design an insurance plan that caters to the specific needs of your business – no matter the industry. Call 0860 10 52 05 for a quote.