When you start that new business, there is a tendency to go full pelt in stocking up on items needed to amplify the in- house stock and generally loads of storage is needed. If the sales go well, it should smoothly slip from stock in to stock out very rapidly. The storage of stock would not normally present any problems if the right precautions are taken. Ensuring the business owner and trader takes adequate care of the stock and its surroundings is more important than the average Joe usually thinks about.
There have been a spate of warehouse and storage unit fires and this brings home very brutally, the need for proper insurance. Not only public liability, for anyone who may be injured on your premises if a fire or other incident occurs. Public liability covers compensation claims from the public for injuries and damage cauaed by anything y our busiiness does. Employers liability covers you against claims for accidents, injuries or damages caused to employees. Product liability is an interesting one as it protects against claims for injury or damage caused by defective goods – i.e. anything your company has made or supplied that turns out to have a fault and thus causes havoc at your customer’s property. Professional indemnity is a specialist cover for claims against you should you make an error and give bad advice in your professional capacity. there are lots of reports of investigations into the facts when a legal entity doesn’t quite follow their own rules. Property damage is covered by buildings insurance for claims of damages or theft from your own business equipment, furniture and other belongings.
There are many other types, which seem like an unnecessary luxury when you first start off but could prove absolutely a life line in the case of a major incident.