Halloween has been celebrated last week, but scares continue – this time, involving Count Dracula. Unfortunately, it’s not Count Drac who scares people; it’s lawsuits and claims that scare him – well, at least according to AXA Business Insurance.
The infographic explains about business insurance mistakes typically made by small business owners. The explanations are made in layman’s term, using Count Dracula and his monstrous companions as props to better-explain about insurance mistakes and the consequences.
Check out this fun, yet informative infographic:
Because Count Dracula and his companions are not well-insured, they lose money; quite aplenty of it. Count Drac really needs insurance to protect him from losing £450K.
To explain a bit about the happenings on Count Drac’s bad day above, here are some of the most important business insurances you should consider taking (or must take) for your small business and employees:
1. Public liability insurance
Public liability insurance is one of the most common types of business insurance. Getting the insurance coverage protects you from damage claims and other similar claims made by a third party, which include property damage and personal injury. If you run a shop or own a business premise in which customers come and go on regular basis, it’s a recommended insurance to take.
2. Employer’s liability insurance
If you are doing business in the UK, this is one of the must-take insurance by an employer to cover the employees’ personal injury. It’s a requirement, based on a UK Act of Parliament, The Employers’ Liability (Compulsory Insurance) Act 1969 (c 57)
3. Van insurance
If you are using a van for business operational, then taking van insurance can cover you for many mishaps, including broken window, injuries sustained inside the van, stolen keys, and so on.
4. Professional indemnity insurance
If you are in the business of giving advice to people or offering professional service to clients, then you may want to take professional indemnity insurance in order to protect you from claims made against your work, such as copyright infringement, damages caused by your past work (i.e. the SOHO you built,) etc.
Some small business owners try to avoid taking any business insurances because they feel they can’t afford the premium. Although I agree that insurance premium can be costly, but the potential loss when your business is hit with a lawsuit or an incident is often insurmountable. You simply can’t afford NOT to take business insurance.
Fun aside, the infographic above illustrates the catastrophes a small business may face when the owner is forgetting (or neglecting) in taking the right insurance coverage.
If your small business hasn’t covered by any business insurances, you should consider taking one; be sure to consult with trusted and reputable insurance agent and get your business covered.
Don’t be like Count Dracula.