Insurance every business needs

In these tough times insurance can seem like just another expense for an already tight business budget.

In reality it’s a business essential, not just for peace of mind but because it can save you a fortune if disaster does strike.

To protect your business, your customers and your employees you’ll need to consider four main types of essential business insurance.

1. Public Liability Insurance

Is your business in contact with the public – as customers or visitors? If a mistake is made by your company resulting in injury, or which damages property, or causes loss, then public liability insurance will kick in to protect you against any claim. For some businesses clients may demand a minimum level of public liability insurance before they will consider working with you, so getting the right insurance in place is an important first step in winning business. Over £1billion is paid out in public liability insurance claims every year, a staggering amount for incidents and accidents nobody ever foresees.

2. Employers Liability Insurance

Employers’ liability insurance is not optional if you have employees, it’s compulsory and any business with one or more employees must have the appropriate employers liability insurance in place. If someone you employ is injured at work – even by something as simple as a trip, slip or fall - or if they become ill as a result of working for you, then you are liable for damages and compensation. Employers’ liability insurance covers you against these kinds of claims and makes sure your employees are covered for accidents and personal injury of all kinds while working for you. Making sure you follow health and safety guidance as well as having the right health and safety policies in place can help make sure you keep the risk of a claim and the cost of your premiums to a minimum.

3. Professional Indemnity Insurance

Businesses who provide professional services of all kinds should consider having professional liability cover in place. This type of insurance will protects you and your firm against all kinds of claims against you, including malpractice, mistakes and errors, accidental loss of documents or breaches of confidentiality and claims of negligence in the deliver of your service your clients and customers. Again, this is a type of insurance that is essential for doing business – many professional bodies insist you have cover as well as public sector clients. If you’re not sure if you need it, get in touch and we’ll help you assess your needs.

4. Business Contents Insurance

Whether it is the computers in an office or the hairdressing equipment in a salon, it is likely that your business contents will be one of the most immediately valuable assets to your company. Fire and flood damage or theft could stop you trading or delivering your services, so it’s a good idea to make sure you have the right cover in place. You should also make sure any supplies or stock you hold is also adequately covered.

There are many more types of cover your business might need to protect its assets and services. You may also need to consider van insurance if you run a delivery service, as well as commercial property insurance if you own the buildings your business operates from. Speak to one of our advisors to make sure you have the cover you need for your business. Don’t put your business at risk for the sake of business insurance – we make sure all our customers get the best price for the insurance they need, it may cost a lot less than you think.