This can be quite a lively subject for discussion in that each business owner will look at insurance in a different way.  All the time they have been happily saved from any incident, accident, fraudulent or otherwise illegal activity, then they probably think the premiums for the many different types of policy available are an excessive indulgence.   Whether it is a small business, large multinational or a self employed artisan, business insurance is rarely a waste of time and money.  It will help to protect a company against unexpected claims and costs.   Liability insurance can help offset the damage from everyday risks such as mistakes, stock damage, legal costs in the case of a claim being brought against your company.   There are other policies that cover business interruption – this is critical for the process induustry where every second of downtime runs into massive costs.  There is also the thorny problem of supply chain breakdown and interruption.   These policies provide protection for your business and employees in the case of the business suffering unforeseen stoppage that are out of your hands, helping get things back up and running again quickly.

Holding a recognised business insurance policy also ofers credability to  your business and shows prospective customers and employees alike, that you take your business seriously and are honest and trustworthy.