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Financial independence doesn’t always just concern you directly. If you run a business, including self-employment, there are additional factors you need to consider. After all, the success and well being of your business is directly related to you. Any financial difficulties faced in the former will almost certainly have consequences in the latter.
Here are a few areas you might want to look at, from Axa business indemnity insurance to, to make sure your business, and, thus, your financial independence and stability are secure.
Indemnity insurance
Indemnity can arguably be one of the bigger expenses faced by a business. These often come along in difficult legal times, or simply cost a lot in themselves if your business is the one having to pay. As a financial risk, it should be of no surprise that this can be protected against with the right insurance. With the right deal relative to your actual business, it’s a good investment; its much wiser to pay a small amount in protection than risk the actual, often unforeseeable, consequences of not doing so.
Liability
Another example of an expensive legal area you want to look out for is liability. Legal liability is something that can occur when facing debts and other important matters, but public liability is just as important when considering the financial welfare of your business operations.
Similar to indemnity, there are plenty of circumstances where liability can become a concern, both through your employees and the public. In various cases you can be charged for resulting incidents. These are, again, financial risks that the right insurance or protection can help cover.
Respectable image
Finally, don’t forget that any business is about image. Having the right protection beforehand shows the right pro-active attitude. Similar to how you wouldn’t trust another company without the relevant insurance, having the right protection shows you’re a serious business; even if the worst should happen, your customers can rely on your insurance to help cover costs quickly. As an independent business, being able to cover all areas is always a big advantage, so make the most of it.
Liability seems to be a big one these days. And equally as big is building a brand image.
Great post Pauline!
Getting the right insurance for your business and for your employees will set you out any at least any legal or financial obligation. It is right to have one, to protect your business and as well as your capital funds or assets.