Understanding Business Insurance as a Fluid Concept: 3 Products to Keep in Mind

Recently, it was announced that the majority of insurance price comparison sites were failing in their attempts to meet the needs of both commercial and residential users. More specifically, the report conducted by the Financial Conduct Authority (FCA) found that these sites are more likely to confuse and disorientate users rather than helping them to choose viable insurers and policies. This is a particularly concerning state of affairs from British business owners, who must often consider a number of insurance needs simultaneously if they are to adequately protect their venture.

Business insurance coverage

3 Key Financial Insurance Products for Business Owners

Such a task is made even more complicated by the fact that not all businesses are created equal, as this means that entrepreneurs must also seek out to niche products that meet their precise needs. With this in mind, consider the following products and their viability in the contemporary business world: -

1. Landlords Insurance

Although it is not always considered as such, it should not be forgotten that real estate investment and property management is a profitable form of commercial activity. It is therefore a business, and requires significant protection and relevant insurance coverage. The most important product for real estate investors and buy-to-let owners to consider is landlords insurance, as this enables individuals to safeguard the individual structures without paying over the odds to cover the contents included within. Companies such as Click4Quote Limited can help you to purchase viable and affordable insurance, as they specialise in this sector and have an in-depth knowledge of the market.

2. War and Terrorism Coverage

Although this may seem excessive, it is important to remember that we live in challenging and politically aggressive times. The so-called ‘war on terror’ has impacted on developed and emerging nations throughout the world, and ensured that the threat of violence and anarchy remain at large in modern society. This is something that international businesses and brands cannot ignore, especially those that have physical properties located in vulnerable locations throughout Eastern Europe and the Middle East. By investing in war and terrorism coverage, it is possible to offset this considerable risk and minimise the prospect of future financial loss.

3. Event Cancellation Insurance

While this is obviously a crucial product for event management companies, it can also have a positive impact on firms’ that operate in alternative and less specialist fields. For small and medium sized businesses that are looking to market a product or range, for example, there may be a pressing need to adopt an aggressive marketing strategy and visit multiple trades shows nationwide. This requires significant investment in terms of booking fees and logistics, but there is no guarantee that they will always go ahead as planned. By investing in event cancellation insurance, however, you can negate this risk and market your product as tenaciously as possible.

Photo credit: Christopher Penn / Flickr

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