While we all hope that our business will run smoothly and be complication free the reality is that accidents can, and at some point, will happen. Whether these be injuries, weather events or legal issues from clients.
The good news is that are various insurances that will protect your business. We have highlighted the 5 common insurances below that we believe all business should either have or at the very least seriously considering having.
Public Liability Insurance
In the modern age we would suggest this is always a must for all businesses with interactions with the public. Public liability insurance covers any legal costs and compensation claims made by customers or passers-by from your business activities.
Product Liability Insurance
Product liability insurance (PLL) is more crucial for any business that designs, manufactures or supplies products to customers. Product liability insurance is designed to handle any legal defences and settlements relating to any of your products.
Business Contents and Tools Insurance
These two are exactly as they sounds, they cover the cost of replacing or repairing an internal asset (computers, etc) and your portal assets (laptops, drills, etc). All of which can be very costly to either repair or replace should they get broken or stolen. Most people will be more familiar with these as they are very similar to home and contents insurance. For any business that has invested heavily in tools or equipment this insurance is a very good idea.
Employers Liability Insurance
In general employers’ liability insurance (ELL) is a legal requirement for a business with employees, although this can vary depending on county. ELL covers any compensation costs if an employee becomes ill or is injured during business.
Professional Indemnity Insurance
Professional indemnity insurance (PIL) covers legal costs and damage should your services cause financial harm to a customer. In general, this is more typically aimed at businesses that supply a service rather than a product, such as consultants or accountants. It’s a critical policy to help shield your business from negligence claims or errors in your work.
Whatever stage your business is at and what industry you’re in you will always need to consider the kind of insurance needs your business has to make sure you are fully protected.
While we are not insurance experts, and cannot provid direct advice, we can help define policies and push you in the right direction. We can also assist in helping you get in contact with insurance brokers to help tailor your insurance to your business needed.
