3 Types of Business Insurance You Shouldn’t Be Without
Running a business isn’t as simple as it seems when you first think of that business idea. Underneath the surface there are all sorts of different hoops you need to jump through and measures you need to take to make sure that you’re in line with the law and you’re not running too much of a risk. Taking out insurance is among these measures that you need to take to cover yourself in case of the worst.
Public Liability Insurance
Most types of business need public liability insurance. If you interact with third parties, that’s everyone from the general public to your customers, then you at risk from legal action from them. If a client were to slip and fall in your office, then they could potentially sue you for any damage or injury caused. Public liability insurance can help cover your legal expenses as well as pay for the correcting any damage or injuries. Without it, the cost of these things could cripple you and your business. Many other businesses and even clients or customers will expect you to have this type of cover before they will work with you.
Employer’s Liability Insurance
If you’re employing other people to work for you, then this type of insurance is required by law. You must have a minimum of £5 million cover, but the standard is £10 million, so it pays to make sure how much you’re paying for. This insurance helps cover you if an employee has an accident whilst at work. It is not only important for your employees’ welfare, but it also helps protect you from having to pay out thousands of pounds.
Professional Indemnity Insurance
Professional indemnity insurance is for those who give advice or offer a service to their clients. For example, those in consultancy, personal trainers, photographers, beauty therapists, etc, are at risk from being sued by their clients if their service is negligent or their advice doesn’t work. Clients could potentially claim compensation from you if they are not happy with your service. Professional indemnity insurance could help cover the costs of legal fees and any damage correction.
Other Business Insurance
Depending on what type of business you’re in, you may need other forms of insurance too. If you’re a retail business and you have a shop that you operate out of, then you will need buildings and contents insurance to help cover you for fire, theft and business interruption. Some insurers like www.towergateinsurance.co.uk, offer packages tailored to the type of business that you own. For instance, a hotel or guest house might need buildings insurance, employer’s liability, business interruption, and loss of licence (among others), where as a shop may not need a loss license but may need cover for loss of refrigerated items.
Considering carefully what types of insurance you need to run your business is essential to making sure that you’re not left out of pocket after a disaster. A good insurance company will help you identify what you’re at risk from.
Category: Business
