When you have any kind of healthcare business, it is essential you have the right kind of cover. When everything is going well, it can be easy to get complacent, but if something goes wrong in the future, then having the right cover could potentially save your business. The specific type of cover you need will depend on your specific industry, but this is a good place to start. It might be worth working with a consultant in your industry to make sure you have all of the cover you need to protect and future proof your business.
Public Liability Insurance
Public liability insurance provides cover against any claim made against your business by clients, the public or contractors in the case of any injury or damage. This can help to cover any compensation or legal costs if a claim against you is made in connection with your business. For example, if someone falls over when visiting your practice because they slipped and a sign should have been there, they may be able to claim. So, having cover incase something like this occurs is essential, or you may be facing quite hefty compensation payments.
Employers Liability Insurance
Next up we have employees liability insurance, which covers the cost of compensating employees who have been injured or become ill as a result of work. This could differ massively, but an example would be if someone is in an accident as a result of insufficient training or inadequate supervision, or if a piece of machinery is faulty and causes an accident. In the UK, you can be fined a significant amount if you don’t have this cover, so it’s an absolute essential. Even if you think your business is low risk in this area, you never know what could happen, so getting this cover is essential.
Trade Credit Insurance
If your healthcare business trades on a credit basis, for example other companies buy your goods without having to pay straight away, you need trade credit insurance. This covers your business in the eventuality that the other business fails to pay or becomes insolvent, so if they fail to pay, your insurance will. Depending on the level you are trading at, one failed transaction could be absolutely catastrophic for your business. Again, although it might be difficult to imagine anything going wrong currently and you might only trade with what you think are very reliable and stable businesses, you never know what could happen.
Investing in trade credit insurance can be transformative for the future of your business, and it also allows you to expand more safely, as you know you can take bigger risks with the protection from your insurer. It is worth working with a credit insurance brokers, as they will help to make sure you get the right cover.
Business Equipment Insurance
The next very important type of insurance cover you need is business equipment insurance, which provides cover if any of your equipment becomes damaged or stolen. If you have any equipment which is absolutely essential for your business or the safety of your customers, then you definitely need this insurance, as it will help you to quickly repair or replace your equipment without losing income. As with the other types of cover, the specifics will depend on the nature of your business, but you are very likely to need this type of insurance no matter what you do.
Final Thoughts
Whilst insurance requires some investment, you will certainly reap the benefits in the future should anything go wrong. It’s best to work with a consultant or broker in the industry to help you make sure you have the right cover specific to your business, so you can rest in the knowledge that you and your business is protected.