We all know that there is no secret formula for successful business expansion. So, while overnight success may be a bit of a myth, there are steps we can all take as small business owners to help our own fortunes.
For many small business owners that come to us, insurance is one thing that they always believe to be the reserve of the big boys. It isn’t until they have bought a comprehensive insurance policy that they realise that insurance is essential for business expansion.
Business expansion can mean many things to different people. For some businesses, it means opening another branch, for others, it might mean landing that huge client. Whatever your goals, we feel confident that business expansion is one of them. Read on to find out how insurance can help your business expand.
Insurance for business expansion
Land Bigger Clients
Some clients won’t even consider working with you unless you have a certain level of professional indemnity insurance or public liability insurance. By getting a professional insurance policy that is tailored to your unique business, you can start pitching to the bigger clients and bidding for larger projects. Once your business expansion moves forward, your policy may need to be updated as the value of your biggest client or project increases.
Hire an Employee
For some sole traders, the simple act of hiring their first employee is a huge step in terms of business expansion. By delegating some of the work to your employee, you free up your own time to manage the business or look for potential areas for business expansion. However, if you are planning to take on an employee, it’s essential that you have employers liability insurance to protect both parties.
Take More Chances
According to The DNA of an Entrepreneur report, small business owners are more likely to take measured risks if they have insurance. This doesn’t mean that insurance can cover calculated risks in business. Instead, having an insurance policy for other areas of the business helps business owners to take control and focus on expansion. When you aren’t worrying about the day-to-day risks, you can concentrate on the bigger picture.
Invest with Confidence
When it comes to investing in new technology or even just new office furniture, you are much more likely to invest with confidence if you have office contents insurance. For small businesses, an influx of new technology or improving the IT infrastructure in your office can mean huge things for business expansion. Ensuring your investment is adequately protected by your insurance policy is an essential step in this process.
If you’re ready to take your business to the next level with an insurance policy from Caunce O’Hara, get in touch today to start building your personalised policy. Call us on 0161 833 2100 for a quote.