In a successful business, everything’s focused on reducing risk. Insurance is probably the single biggest invention aimed at mitigating risk – it allows you to focus on making your business more successful.
The right coverage hedges the risk in your business transactions, distributing it so that setbacks (which can happen to anyone) don’t finish you off.
Merchants have been looking for ways to spread their risk for centuries. Like shipping their goods in many ships, rather than one, to reduce the risk of shipwreck or plunder. In ancient Athens, maritime loans advanced money for voyages – with an extra payment (essentially a higher interest rate) available that meant you needn’t repay if a ship was lost. And the first known standalone insurance policy dates back to 1347.
You can insure all sorts of vital factors like your stock, business interruption, non-payment (trade credit insurance), contents and buildings. There are always going to be unknowns in business – cover helps you cope with them. With just a few hours of setup, your coverage could save your business
Some types of business are obliged to take out insurance. Employers’ liability insurance (against the cost of compensation claim for employee illness or injury) is a legal requirement for most businesses with staff. Regulatory bodies require some types of insurance, like professional indemnity insurance.
Spread the cost of your insurance
Insurance is a mandatory requirement for businesses and it can be one of the largest costs. We can help you spread the cost over the period of cover.
Our short-term business loans help spread your insurance costs.over a 3 to 12-month term. This helps smooth your cash flow, freeing up your capital for investment in other areas of your business.
Find out more about our business finance solutions here.
Get in touch today by requesting a call back or calling now on 0333 242 6989.
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