Do You Have the Right Business Insurance Cover for Your Business?

Do You Have the Right Business Insurance Cover for Your Small Business?

It is vital that small businesses are adequately covered against all potential losses.

There are various  different types of insurance cover available for small businesses, some of which can be industry specific. You need business insurance to protect you against the everyday risks that come with your normal business activities. Insurance can cover you against your own losses and costs of defending legal action against you. As well as compensation payable to third parties.

Here is a quick look at some of the types of business insurance you might want to consider.

Public Liability Insurance

Cover is designed to protect you against any claims where you are negligent for damage, loss or injury to third parties in connection with your business activities. Your policy should cover you for the cost of compensation and any legal costs.

Products Liability Insurance

Cover is designed to protect you against any claims where you are negligent for damage, loss or injury to third parties as a result of a product you have supplied. Your policy should cover you for the cost of compensation and any legal costs.

Employer’s Liability Insurance

If you employ staff in your business, you are required by law to have Employer’s Liability insurance. The ruling applies to all employees and labour-only personnel. Employer’s Liability is designed to provide coverage for employees making a claim against a negligent employer.

Professional Indemnity Insurance

If you offer professional advice in your business, it may be essential to have professional indemnity insurance. This would protect you inn the event that a client or third-party suffers a loss as a result of your advice or design. Your professional indemnity policy would look to cover compensation and legal costs arising from a claim against you.

Property Insurance

Property insurance is designed to cover the loss or damage of your business contents, equipment and stock. For example, a financial advisor operating a consultancy business would rely heavily on computers and IT equipment. Whereas a manufacturer would look to insure machinery.

It’s important to purchase sufficient coverage to adequately replace all your business equipment or stock in the event that it’s damaged or stolen. Remember to account for all contents, including machinery, stock, office contents, tools and tenants’ improvements.

Business Interruption Insurance

If your business premises sustain damage as a result of an insured property claim, your business may suffer financially whilst alternative premises are located and you are reinstated. A business interruption insurance policy can cover loss of revenue or gross profit if you are unable to work. Moreover, it will cover you in the event you suffer an interruption in activities.

Legal Expenses Insurance

This optional cover is designed to help you get legal advice as early as possible before a problem arises. For example, an employment tribunal or commercial contract dispute.

However, should a more serious legal problem occur, it will provide cover for legal representation. In addition, cover for legal expenses if you need to take the matter to court.

Cyber Insurance

Cyber insurance is an insurance product used to protect first and third parties from Internet based risks. Such risks include cyber liability, social engineering fraud and crime.

Find a quality, low-cost, small business insurance policy now!

Business Owners

Business Owners

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