What kind of business insurance does your company need?
Getting the right business insurance cover is essential. It can protect your employees, your buildings, the public and even maintain business continuity if the worst happens.
Understanding what business insurance your company needs can be tricky, particularly if you are just starting out.
Whatever sector you are operating in, there are some forms of business insurance that are generally required by law. Others may be contractual requirements. And there are others still that it just makes sense to have.
Once you’ve read through this quick guide to some of the most common kinds of business insurance, give our team of experts a call to discuss your specific requirements.
1. The business insurance cover that every employer needs
If you have employees of any kind, you will almost certainly be required to have employer liability cover.
Whatever sector you are in, you need to be able to compensate your people if they suffer an illness or are injured while they are working for you. Employer liability cover allows you to pay out, without severely impacting the financial health of your business.
There are exemptions, but it is always best to check with us if you aren’t sure whether you need it or not. In most cases, if you have staff of any kind (including part time or temporary), you will.
2. Business insurance for companies who meet the public
Do you or your team ever meet the general public? Do you have a commercial space or an office where the public come into direct contact with your employees? Could members of the public potentially make compensation claims against you for an injury or damage to their person or property?
If so, public liability insurance is an important safeguard, helping you to pay out if the worst happens. Many policies will even protect you against compensation claims due to incidents involving a third party.
3. Business insurance to protect your physical assets
Business insurance isn’t just about protecting people. Wherever you work from – whether in your home office or in dedicated premises, you need business buildings insurance.
The kind of business buildings insurance you need will depend on the kind of work you are involved in, and so we always recommend giving us a call to discuss your specific needs. Buildings insurance can cover the costs of getting your business back up and running in the event of any damage to your property.
You should also have contents insurance to protect any valuable assets you have on site. This is likely to cover the replacement or repair of any damaged items.
There are also many other kinds of business insurance that you might want to consider. These include everything from product liability insurance to professional indemnity insurance, from stock insurance and legal protection insurance to business interruption cover.
Take the time to think about the potential risks that your business is exposed to, and the steps you now need to take to protect it.