Types of Business Insurance
Public Liability Insurance
This is usually at the core of any business insurance policy. Without public liability cover, you could leave yourself financially vulnerable to compensation claims.
A claim could take many forms, from a slippery shop floor to an accident on a construction site.
If a member of the public suffers injury, illness or damage to their property as a result of your business activity, you may have to pay large compensation costs and legal expenses.
Having public liability insurance in place could help you to cover these costs, should the worst happen.
Professional Indemnity Insurance
Any business can be exposed to litigation. Whether it's a mistake in the work you've carried out for someone or an incorrect piece of advice, the cost of a negligence claim could be crippling for a business.
If you don't have professional indemnity cover, you could risk being sued for a whole range of different claims.
From confidential data sent in error to a piece of flawed consultancy advice - professional indemnity cover can offer protection for all types of businesses.
Employers' Liability Insurance
If one of your employees gets injured at work or becomes ill as a result of their job, you could be held responsible and face compensation claims. This type of cover can help with compensation pay-outs or legal expenses in defending your business against a spurious claim.
This type of insurance is a legal requirement for the majority of businesses who employ staff.
Why you need it
- Without ample business insurance, you could leave yourself vulnerable to costly compensation
claims, expensive legal costs or financial difficulties from damaged assets and disruption to your
daily work activities. - Every business is different, so each business will have specific business insurance needs.
Policies will normally be made up of public liability insurance, employers' liability insurance
and professional indemnity insurance. - You can tailor a policy to suit your business situation and the level of cover you require as
an organisation. - Legally, you'll probably need to have a certain level of liability insurance in place to cover risk
to third parties. Some clients may insist on seeing proof of this insurance before agreeing to work with you.
Tradesman Insurance
policy out there to suit your trade.
- This can help cover you financially if any claims are made against you or your employees
for damage to property or injury to a third party. - You can also cover your employees should they suffer an injury or illness as a result of their
work. Even if you use self-employed contractors, your insurance will probably still need to
cover these workers. Cover for tools and equipment can also be included.
Insurance for Professionals
insurance policy in place can help protect you against large, unexpected financial outlays.
- If you provide a professional service to clients, it's wise to cover yourself for any claims of
professional negligence. Professional indemnity insurance usually forms the basis of the
policy and can help cover you for professional errors, omissions or neglect. - It could also help cover legal expenses in defending your business against a spurious claim.
Shop and Retail Insurance
- If you own a shop or retail outlet, make sure you have sufficient business insurance
for your investment. - If you sell stock or perform a service from your business premises - you'll want to
ensure you're covered for a range of eventualities. - You can tailor a policy to suit your business, but it will probably be made up of public
liability insurance, employers' liability insurance and protection for stock and equipment. - Employers' liability insurance will probably be a legal requirement if you employ staff
to run the shop or outlet.
Know-how
Take a browse through some of our helpful business insurance articles: