Need business insurance help?
Business Insurance can be difficult to understand with so many different types of cover, luckily, we’re here to help.
Finding the right business insurance & cover
If you’re looking for business insurance. Finding the right one can be difficult as there can be many different types of insurance. It can sometimes difficult to understand exactly which insurance policy may suit you best. We can help.
What is Business Insurance?
Business insurance is a great way to protect your business against losses. These can happen as a result of normal business activities or unforeseen circumstances.
Insurance can protect you wherever you work including:
- Home businesses
- Self Employed
- Businesses who work from an office
- Online product sellers
- Face-to-face businesses
Do I need business insurance?
If you employ staff, even if it’s only one other person, the minimum legal requirement is to have employers’ liability cover. Not only does this protect you and your business from any claims made by an employee, it also protects your workers in case they become injured at work.
Other levels of business insurance are optional, but highly advised to ensure that your daily operations continue to work smoothly. As every business is different, insuring various aspects of your business will involve tailoring a policy to meet specific requirements.
By getting the right insurance cover in place, you can make sure that your business, staff, resources, assets and clients are all protected. In the case of tools and equipment used by your business or any stock that you sell, you may need to think about the value of these, and whether you would require new-for-old cover if anything needs replacing.
Ultimately, having a comprehensive insurance policy is all about ensuring you’re protected from any situation that could result in you facing serious financial losses. Whether it’s an unexpected interruption to your operations or potential legal action from employees or customers, appropriate insurance helps to keep your business safe from significant impacts.
Small Business Insurance
Small businesses often aren’t prepared for large, unexpected losses or expenses due to a claim, however, if you have the right insurance in place, you can prevent something from going wrong and have the satisfaction of knowing if something did go wrong, you’re covered.
Benefits of having business insurance
In today’s financial climate, running a small business can be tough enough as it is, without the added worry of things taking an unexpected turn. By getting the right level of commercial business insurance, you can take a load off your mind being safe in the knowledge that any sudden losses are taken care of.
Liability for the public or your own employees will ensure you don’t suffer any massive financial impact if staff members or customers are injured on your premises. The right insurance policy can also cover you for theft or damages to your property, including inventory, tools, and assets you rely on for running your business.
Alternatively, if you operate as an independent contractor, a suitable business insurance policy should be able to cover you while you’re out and about. Carrying out work in different locations will generally mean you have no fixed premises, but you may have a van for various tools and equipment. Keeping the vehicle and its contents insured in case of damage or theft will be vital to maintaining your livelihood, so it certainly pays to find the right policy to suit your specific needs.
What type of business insurance is right for me?
Choosing the right cover for your business regardless of the size can be often challenging. This is because of the many different options available. The type of business you run will greatly affect the insurance policy you look for. For example, offices will generally only be accessed by employees and authorized guests, whilst the likes of shops, restaurants, and hotels may be freely accessible to the general public. This will determine the level of liability coverage you will require.
The service you provide and the potential for risk can also be a factor. Restaurants and cafés serving food will need to make sure that professional levels of conduct and hygiene are maintained, while leisure and activity centers should carry out suitable risk assessments to ensure public safety.
Some of the different types of business cover include:
- Public liability insurance
- Keyman Insurance
- Professional indemnity insurance
- Employers’ liability insurance
- Commercial insurance
- Product liability insurance
- Tool insurance
- Stock insurance
- Personal accident insurance
- Office insurance
- Business contents insurance
- Online business insurance
- Not for Profit insurance
Public liability insurance
Public liability insurance covers compensation claims made by a member of the public. For example, someone slipping and injuring themselves if there is a spillage on the floor but no wet floor sign.
Professional indemnity insurance
This covers you if you’re sued by a client. For example, Professional indemnity insurance can protect you if someone says you’ve provided inadequate advice, services or designs to a customer.
Employers’ liability insurance
This is an important type of insurance as it covers compensation claims from employees. For example, a member of staff falling off scaffolding, or an office employee tripping over a cable and breaking their wrist.
Keyman insurance covers key staff members that are essential to business. Consequently, when a key person in a business dies it can have a devastating financial effect. You can help safeguard your business against the death, terminal, or critical illness of a key person.
Furthermore, you can choose to cover other things in your office if they destroyed, lost or damaged. This includes:
The type of cover you will require will depend on the business you own. In addition, it will also depend on the number of employees you have, the location and your business activities. Therefore, it’s not uncommon to need more than one type of insurance to make sure you’re fully covered.
Product Liability Insurance
Product cover protects you if a customer makes a claim against a faulty or broken item you sell or have made. For example, if you’re a manufacturer and a customer make a claim after purchasing a product from you that doesn’t work properly.
If your business has stock or provides laptops to your employees, you can cover these from theft. This usually covers items that are kept in commercial and home offices as well as cars or vans overnight.
Shops can cover from theft with basic shop insurance. This covers cash left in business overnight as well as losses that can come from employee dishonesty.
Why cover your business?
Losses in business can come from many different avenues. It’s important to have protection in place to avoid any substantial losses or expenses.
Business insurance quotes can be one or many different types of cover lumped into one policy to make sure you’re covered from all angles.
How much does business insurance cost?
The cost of insurance will vary depending on what type of business you are running. As a result, the level of cover you need will ultimately determine the cost.
Insurance policies come in packages, offering a range of different cover and optional extras. It’s important to remember that the cheapest quote isn’t always the best one. It’s about finding the right cover for you and your business.