On LinkedIn this morning, James Day of Ingenious Britain provided an interesting article about Business Insurance and Employers Liability Insurance to which made me think about something I have often come across – why do I do things legally when others around me don’t!
My reply to James was:-
James – I think this is a much bigger issue than just employing people. How many companies do you actually work with, recommend and endorse that do not have business insurance at all? So many people operate in the world of business without insurance and yet provide businesses with advice and services. This really should be mandatory and any person or business employing the services of someone (or a company) should ask to see their insurance before engaging with them.
Is it right that companies should operate without the necessary qualifications and insurance to offer advice, support, services and products without this? What happens if that business (or person) does something that can damage your both your reputation and company? What leg do you have to stand on?
When I started in business I took advice from someone who I have known for a few years but we never spoke business just were good friends. I asked Dan McDonald about insurance and he thoroughly asked what I was doing and wanted to do. Only then after understanding what I did, he explained what I needed and as a result, without me asking, he speaks to me every 8 to 10 weeks to see what I am doing to make sure my insurance is right for myself, my business and more importantly my clients. As a result, last year, when I encountered some computer virus’s and lost a lot of data, on the next phone call, Dan immediately told me to not do anything until he came and saw me. Now, as a result if anything happens, I am fully covered via IPS protection against Data lost, damage, hacking or spamming due to holding client Data and this is something I would never of thought about, yet Dan wasn’t thinking of me, he was thinking about my clients and I needed to be protected to protect them.
Note:- (By the way, before any one says anything, this blog is about me, my experiences and views and not endorsing or recommending either James Day or Dan McDonald but all I will say, is that I met and had dealings with both people and say to you, that it would worth you speaking to both these people as James can help you with advice about what is happening in the business world and Dan can help you with your insurance questions).
Therefore, whether you think your current suppliers are doing a great job or not – check do they have the correct insurance? What happens if something goes wrong can you re-cover these costs from that person or company?
So, with it nearly being lunchtime now, just think over lunch about this and then think of the people you are working with this afternoon and contemplate this, the work they are doing for you goes wrong, it causes major problems, are you covered or not? It is worth considering…….