In the wake of many businesses and industries suffering due to poor economic circumstances, one business insurance expert has recently urged firms to take out office insurance in order to protect themselves.
Commercial insurance expert the Business Octopus has urged firms to take out cover to prevent any unexpected costs that may develop in the future. The company provides firms with many different forms of professional indemnity insurance across diverse business sectors such as landlords, bar and pub, restaurant, and retail insurance. The firm also offers such cover as tutor and teacher insurance as well.
Businesses can prevent losing money through damage, indemnity-related issues, and accidents by taking out the appropriate cover, said one spokesman for the insurance experts. Patrick Herdman stated that many firms have been hit quite hard by the rise in VAT and other related cutbacks. Mr Herdman stated that the best way to avoid having to pay even more in cash expenditures this year is to have insurance cover in some form.
The spokesperson stated that while some business sectors might seem to be relatively free of risk, incidents such as flooding and theft can happen at any time and to anyone. Every business should ensure that they are protected against such eventualities by having appropriate cover, the insurance expert added.
Firms need to protect themselves with a comprehensive professional indemnity insurance policy if they specialise in giving advice to their clients, Mr Herdman further stated. Failing to do so could leave the firm open to quite serious losses in the event of a lawsuit.
The Business Octopus covers most trades and industries, said the company spokesperson. Tailored-fit policies are also available due to the availability of several different bolt-ons to the firm’s standard insurance policy offerings.