Business Insurance for small and medium-sized businesses

What is business insurance?

Business insurance is a product with which you can preserve your capital and continue operations without financial loss. Suppose you've created your life's work, built up a good customer base, and are creating competition for other companies. In that case, it's worth taking care that it doesn't collapse in an instant due to unforeseen circumstances.

Of course, many young entrepreneurs try to save their own money and don't believe there could be a fire, an accident, or someone cheating on their money. But we must agree that it is pleasant to run a business with peace of mind knowing that you're covered.

We can conclude that insuring your business is an additional safety cushion for your business. The main thing is to assess your business and choose the right insurance product.

Advantages of business insurance

The advantages of business insurance for legal entity protection from financial losses and bankruptcy.

In a market economy, starting your own business is risky. The client base will not be built up overnight. It is worth buying insurance protection to reduce the losses due to commercial activities.

Real estate protection

The premises where you conduct your business may be damaged by fire, explosion, or natural disasters. At the expense of insurance, you will be able to repair the property. Restoration costs can be high.

Personnel Insurance

Having an experienced and qualified staff is the key to running a successful business. A protected team feels calmer and more loyal to the company's management when they know that they're covered.

Entrepreneurial risks

Every commercial activity is connected with significant risks. The best way to protect yourself from possible losses is to purchase a business insurance contract.

Basic types of risks:

• External, the type of risk does not depend on the firm's activities.
• Internal, these are risks that arise solely due to the company's fault. Here, it is possible to distinguish a strike or incorrectly made business plan for the development of own business.

According to the factor of occurrence, these risks are distinguished:

• Economic, arising from adverse changes in the economy.

Classification of risks on the sphere of occurrence:

• production risk, associated with the failure to meet obligations for the production of goods or services;
• commercial risk, arising from the sale of goods and services;
• financial risk, associated with the failure to meet financial obligations;
• insurance risk is associated with potential losses that may arise as a result of the occurrence of an insured event;
• innovation risk is associated with the emergence of new technologies and introducing a new and better product on the market.

To make the right choice of insurance coverage, it is worth considering what risks the company may face.

The likelihood of each risk occurring. The losses you will incur as a result of each risk.

The following methods should be taken into account when estimating future losses:

1. An analysis of the company's entire operations.
2. Comparison of own forecasts and data received from engaged experts.
3. Use of the experience of other companies operating in a similar industry.

Types of business insurance

Even the bravest entrepreneurs, who are not on the first day in business, do not forget to make a straw for themselves. Business insurance is a mandatory process that should not be neglected or put off.

There are several types of risk insurance:

Building insurance

In this case, products, equipment, and premises are insured against operations interruption. For example, you have a fire at your premises. You will not be able to restore the work process quickly. You need to spend time on repairs the purchase of new equipment. Don't forget about employee wages, which no one has canceled, and all the mandatory tax deductions. Insurance can compensate for the costs you incur in such a situation.

Let's say you've opened a business, rented an office, or bought your own space. In addition to the premises, you had to buy the necessary equipment and furniture. If we are talking about big business and the production of goods, you need expensive equipment. You can insure the building itself and its attached buildings and constructions, tangible assets, money in the vault or safe, equipment, computers, phones, fax, printer, scanners, and so on, interior items. Here, all the acquired property can suffer at any time.

If this happens, you will simply receive compensation from the insurance company, equal to the value of the damaged or stolen property. It's worth noting that the amount of insurance is much less than the property's value under the contract.

Business liability insurance to third parties

Under this contract, liabilities to partners will be insured. The insurance company will compensate for penalties, which will be charged due to an insured event.

Insurance against business interruption

A business may not be open 24 hours a day. There may be scheduled days off are weekends and holidays. But what about unplanned days of work that may appear due to force majeure? As a result of the downtime, you will incur losses in the form of lost profits. You will have to spend money on damages, which are unplanned expenses. You must pay your employees' salaries, taxes, and rent. An insurance company will help compensate for those expenses.

Profesional Indemnity

It is excellent protection if, due to unforeseen circumstances, you have caused damage to the customer and he has a claim. Let's say you decide to open a beauty salon. When applying a mask to a client, your employee mixed cosmetic substances incorrectly, and the client got redness and burns on her face. Agree, a very unpleasant situation. If the injured client claims the salon, you will have to pay compensation. Except that it won't be you who will pay, but the insurance company will pay up to the sum insured.

Insurance for medium business

Today economic conditions can not be called stable, and this concerns not only Cyprus but all over the world. Every day you can hear about financial crises, which may affect the activity of large companies. But how can representatives of medium-sized businesses stay afloat? This business is in a particular risk zone. Experienced insurance consultants advise buying protection against force majeure circumstances, such as fires, accidents, including utilities, turnover or illness of employees, malfeasance, equipment failure.

These two Beauty & Spa Salons in Paphos are our first happy clients that purchased our business insurance packages specially designed for Beauty Salons:

Rozita's Karslidou Beauty Salon in Paphos

May you feel discomfort with your feet, or you need a decent pedicure, manicure, or other services their beauty salon provides. Mrs. Rozita opened her beauty salon in Paphos, Cyprus, in 1999. She has started her studies in St. Petersburg, Russia, and continued her studies in Munich, Germany. Rozita's Karslidou Beauty Salon in Paphos specializes in Gehwol Pedicure, Manicure, Eye Brows Shaping and Coloring, Waxing, and Feet Massage. They always keep cleanliness and do beautiful and professional work.

Rozita's Karslidou Beauty Salon address is Agapinoros 6, Paphos (Pafos), 8049, Cyprus. Telephone number: +(357)99467730

Christina's Kourouchtsidi Spa & Skin Care Salon in Paphos

A Biologique Recherche Spa Salon in Paphos, Cyprus operated by cosmetologist & aesthetician Christina Korouchtsidi. They offer all spectrum of Biologique Recherche Facial, Body & Hair Treatments together with Biologique Recherche Products for Home Skin Care.

Christina Korouchtsidi – is a beautician and aesthetician certified by Biologique Recherche, and she has been working in Paphos, Cyprus, since 2004.

Christina has international qualifications and work experience in the skincare field. She has studied and attended personal workshops from the world's leading doctors and cosmetologists, only in the last two years in Moscow, Paris, Tel Aviv, and Los Angeles.

Also, Christina is considered among the best specialists of Biologique Recherche in Cyprus. For that reason, each year, the company sponsors her education in Ambassade de la Beaute, in Paris.

Christina Korouchtsidi Spa Salon's address is Pefkiou Georgiadi 10, block 2, Beauty SPA, Paphos (Pafos), 8015 Cyprus. Telephone number: +(357)96505393

 

Kirill Karslidis,

Paphos, Cyprus

18.03.2022