As we mentioned before often it can be a pre-condition of trade that you purchase insurance – for example before market day if you’re a stall-holder or before allowing employees onto the factory floor. It can also be a reflection of your risk tolerance – is your mobile phone insured? What about your computer with all of your customers billing and contact details?

It pays to sit down and assess what your requirements are and there’s plenty of professionals out there willing to help (usually for a small fee!). Insurance may be a cheaper option than buying spare machinery or hoping that your car survives a hailstorm unscathed so it can also make sense when you’re trying to make your money work harder for you.

It can also help in your marketing campaign – for example if you’re a building company and need to guarantee your work. If your competitors are insured and you aren’t which builder would a customer choose?

Next: How to get insurance

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