Insuring Your Business

One look at the yellow pages would confirm that there are thousands of businesses in Barbados, but how many of those are insured? Well, I don’t really know, but today’s article will discuss how important it is to insure your business.

One only has to take a look at the havoc created by Hurricane Irma over this past week, across the Caribbean and into Florida.  Even if you have a home-based business, it doesn’t necessarily mean that such is covered by your home insurance.  And if the latter is true of you, think about how much you can lose.  If you’re a graphic artist, hardware and software can take you into the thousands of dollars in terms of value. If you’re a salesperson, your business may entail a computer, printer, stationery… and you may even choose to host meetings in your home office.  What if there’s no rogue storm coming your way, but – what if a client slips and falls at your home? Who pays for the injuries incurred?

Many small businesses think of insurance as an unnecessary expense, but is it really so? And simply because you’ve purchased a policy doesn’t mean you have to use it. Taking precautionary steps to protect your assets is absolutely important. How many of us have experienced power surges in the past? A simple but good surge protector, a good security system for the premises but also for your software, smoke detectors and the like can help prevent damage that could occur when you least expect it. And what about your intellectual property? How is that protected? There are various types of policies available from providers, so it’s important that you examine all possibilities before entering into a contract. Take your time and carefully choose the one that’s right for your business. I’ve heard it before: “Veoma, insurance is a waste of money!” And guess what? The person I heard this from is a producer, whose studio was burgled while he was away. He lost all his equipment (valued at over $50,000 BBD) and had to take a bank loan to start from scratch.  Which do you prefer?  Losses that could cripple your livelihood or paying a small annual premium for security and peace of mind?  It’s important to understand that even if you own a small business, insurance is a must. I cannot emphasize that point enough. Every employee, every piece of equipment, every piece of property is vital to efficiency. Insurance is one of the most important ways to protect yourself and your family without having too much of a disruption in the event that tragedy may strike.

Lots of love & good vibes, Veoma Ali

Veoma Ali is an Advertising Executive, with a Ph.D in Communications and a Masters in Business Administration.