Accidents happen! It’s a commonly known fact of life. So here’s some information that could help you should things go wrong.

Public Liability

Most small businesses MUST have public liability insurance. This will protect your business if an accident happens involving a member of the public, such as injury of damage to them or their property.

Claims can run into tens of thousands of pounds depending on the type of accident! So make sure you are covered!

Professional Indemnity

If you are self-employed and give advice or provide services for other companies or individuals, you should consider this type of insurance.

This covers situations when you may have been negligent with regards to the advice you have given a client, or if you have made a serious mistake with your work that has resulted in a compensation claim.

Eg., an architect who submits faulty plans and only realises once plans are well underway, and therefore may find themselves liable for the cost of alterations, delays etc.

Employers Liability

You are LEGALLY required to have this if you employ staff, this even applies to part-time or temporary staff. This means you are legally obliged to have a minimum cover of £5million.

This means if an employee becomes ill or injured while working for you, and it can be proven that your business is to blame, you could face compensation. This insurance will protect you from that cost.

Tailored Business Cover

There are several other types of insurance that could be important depending on exactly what your business does.

E.g., shops and small businesses may think about including a business interruption insurance package. This would compensate your company if it is forced to stop work because of an event such as a fire.

If you frequently keep stock or cash on your premises, as is the case of a lot of businesses, you could take out insurance to protect you against burglary. Another type of insurance can protect oyu from burglary from staff.

If you are a tradesman, you can insure your tools, which is especially convenient when it comes to expensive tools that could take a while to replace.

Shop Around

Make sure you shop around for insurance, visit comparison sites to see what is available and that you find the right kind of insurance for your business.

There may seem like too many choices of policy, but most insurers will include them all under one deal to make things easier and cut the cost too.

 

What Do You Think?

Are there any other essential types of insurance you think it’s important to have? Have you made a claim for your business under unlikely circumstances? Leave your comments here.

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