15 Jan 2016
5 Essentials to Review in the New Year
It is very easy to plod on from year to year thinking that the insurance you have will cover you if anything goes wrong but unfortunately, the majority of small businesses are not properly insured and are putting their companies at risk.
The beginning of a new year is the perfect time to review your small business insurance requirements against your existing policy coverage to make sure your business is fully protected in the event of an emergency.
There are five essential areas you should review:
1. Property and Inventory
You might need to alter your property insurance if you answer ‘yes’ to any of the following questions. Have you during the last year:
a.) improved the property?
b.) increased the size of the property?
c.) bought or sold equipment?
d.) increased your inventory?
2. Clients
As a service industry Opticians need professional liability Insurance particularly as clients can claim against you if you make a mistake which result in damage to their eyesight. Check with your insurance provider that you have the right type and amount of cover to suit your requirements.
3. Products
In todays ‘sue-happy’ culture it is important to check that you have sufficient general liability cover in case anyone claims they were injured whilst visiting your premises or injured as a result of your product.
4. Employees
If you have full or part time staff working in your business it is your responsibility to look after their health and safety. If they are injured or become ill as a result of working on your business premises you are liable for any compensation claim. Make sure your worker’s compensation and employer’s liability coverage is adequate.
5. Data
Your business is responsible for all the personal data you store on your clients, whether it is a digital store or paper files. Today most businesses use computers and unfortunately cyber-attacks are becoming very common. Make sure your insurance covers your internet data.
Our Specialist Opticians Insurance has been developed over decades with specialist knowledge of the Eye Care Industry, so we know what equipment and property you are likely to possess and what insurances you need and don’t need. For further advice, get in touch today on 0161 925 5051.