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Why you need business interruption insurance

Posted on January 29, 2020 by admin

With many small businesses often being the livelihood for their entire families, owners should consider taking out business interruption insurance in order to safeguard against financial loss experienced as a result of incidents such as fire, floods, damage and burglaries.

With statistics showing one in four small businesses would not survive if they had to close their doors for three months, business interruption insurance can get you through a temporary crisis by protecting your cash flow.

Business interruption insurance provides cover against a loss of gross profit and differs from insurance covering business property, equipment and stock. This form of insurance covers the ongoing expenses that need to be paid even if a business is not generating any revenue, like staff wages, supplier invoices, rent or loan repayments.

Business interruption insurance claims can be one of the more tricky types of claims a business can make. Some common issues include:

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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