Why Do You Need the Right Business Expense Insurance?
Made in India | On 08, Jan 2019
As a self-employed person, your biggest assets include the equipment, space, and workshop and machinery you use. Well, did you think about insuring them? Yes, it isn’t probably the first thing to come to your mind, but it’s something you shouldn’t ignore.
Your assets are the building blocks of your business along with your skills and financial investment, and you wouldn’t want to have things go wrong.
Simply put, Business Expenses insurance helps pay for your business expenses when you aren’t able to work because of an illness or injury. It works like a backup plan that’ll keep the work going while you take on challenges, over difficulties, and grow your business.
Things You Don’t Have to Worry About When Getting Business Expenses Insurance
Now, you’d be wondering whether it would be worth it investing in one. We offer some of the best business expenses insurance that can cover all your needs. Here is all that you wouldn’t have to worry about when things don’t go as planned.
1. Monthly office lease amount or monthly loan instalment (including interest) and property tax
2. Any remaining payments on plants, cars, and equipment
3. Utility bills, which include electricity, gas, telephone, cleaning, and water costs
4. Security costs and other insurance premiums
5. Staff pension fund payment and monthly salaries
6. Salary of stand-in business head to manage work smoothly
7. Accounting and audit fees
8. Advertising and marketing costs, which include stationery, printing, postage, and campaign
9. Membership or subscription fees to magazines and regulatory bodies
10. Other costs for non-income generating employees
Even if you cannot make it to work for an injury, you wouldn’t have to worry about things going awry. Your business insurance would cover things up for you. To get these benefits though, you need to pay your premiums timely.
Succession Planning and Management
For a business to be successful, you need everyone involved from the employees to the founder and CEO. Achieving success helps make everyone happy. In turn, businesses make more profit.
Family businesses, for instance, are passed from one generation to another and usually come with very few problems. It’s because they have the basics sorted out.
However, things can become complicated when it comes to the transfer tax. The differing opinions of family members that inherit the business aren’t going to help either. The problems and disagreements can lead you to take decisions like leaving the business, selling it completely, or changing the plan entirely. Whatever decision everyone agrees to is not complete without a business succession plan. It is what helps make a smooth transition to the exit or the desired result.
However, how do you go about it? Business succession planning, after all, requires a lot of work and begins just after the establishment of the business or company. It acts as a preparatory plan in case of sudden death of the prime business owner, any illnesses that render the person unable to work, or any other unplanned circumstance like a natural calamity or faulty product line.
Amogh Finance believes that getting the business succession plan complete early on the timeline maximizes the company’s selling value. Our Planning experts assist business owners to lay out strong business succession plans that include vision and mission and other business goals. We would be with you all the way, ensuring you get to develop customized succession plans that are designed to meet your needs.
Insurance Solutions for Businesses
Whether you have a small business or a big one, protecting its assets is the first thing you need to look at. Insurance companies offer a variety of business insurances that are skilfully tailored to suit your business operation model and needs.
Amogh Finance offers insurances for businesses that are constantly on the move, which includes car or any other vehicle, laptops, cameras, and mobile phones. No matter how many precautions you take, you are never going to be completely prepared for disasters like a storm or fire damage.
A business with a working space must have insurance for its equipment and stock to reduce the turnover rate in an unfortunate series of events. Amogh Finance appoints a planning expert to every company so that you have help while discovering the insurance coverage options available and find insurance that meets all your needs and business demands.
You must also be aware that legislative bodies make certain types of insurance compulsory and your business should be able to bear expenses of all of them. With the option of customisation available, choosing policies and insurances have become easier.
Partnership protection insurance
A policy that covers for you when things aren’t quite pleasant, partnership protection insurance is a plan that helps your business recover from sudden death or illness or resignation of a partner. As a business owner, you are required to be prepared for the worst even if that isn’t something you have to do.
Your business plan might not involve a partnership protection insurance, so before you decide whether one’s necessary or not, you need to ask these questions to yourself.
Will the company survive, in case a partner falls ill, dies, or is permanently disabled to work?
In circumstances of death, who will get the business partner’s shares? Would it go to the surviving family members or should be put up for sale to bring in a new member?
Do you feel comfortable discussing matters of shares with other business partners after the recent demise of a partner?
Is any other partner or partners capable of buying shares if a partner wants out of business or passes away?
Will the permanently disabled or deceased person’s family able to make ends meet if you were to sell the shares?
Even though you might prepare yourself to talk about these things, your partners might not be ready. It is best for everyone to talk to an insurance expert and come up with a partnership protection plan so that during the time of bereavement, you don’t have to worry about anything else.
Come to us for your own Business Insurance quote that is designed to fit your needs. Contact us today!