Business Owners Insurance

Whether you run a ‘kitchen table’ operation, you’re a sole trader, or you own a large organisation with many employees, you will no doubt need sufficient business owners' insurance.

Compulsory Cover
Some insurance may be required by law if you run a business. This is to protect you, your employees and your customers.

•    Employers' Liability Insurance
This helps to cover any compensation and legal costs for employees who suffer injury or illness as a result of their work due to the negligence or fault of their employer. This is usually essential for most businesses who employ staff and you could be fined if you don’t have it. The Health and Safety Executive (HSE) can check that your business has adequate cover in accordance with the Employers’ Liability (Compulsory Insurance) Act.

•    Professional Indemnity Insurance
If your business provides a service that offers professional advice, such as an architect, accountant or insurance broker, you will probably be required by law to hold valid professional indemnity cover. This can help financially protect you and your company against negligence claims made against you. Should a client incur any loss as a result of your professional services ( e.g. a piece of flawed advice), whether it’s financial or personal, they may take you to court and try and claim damages.

Recommended Cover
To fully protect your business, certain types of insurance may be essential, even if they are not required by law.

•    Commercial Buildings Cover
Significantly different from a standard domestic buildings insurance policy, commercial buildings cover is tailored for shops, factories, warehouses, pubs, offices, restaurants, gyms and any other property that a business operates from. The structure of the building is covered, normally including walls, security gates, car parking, driveways, pathways and gardens. Contents are not covered and neither is stock, machinery, or computing equipment.

•    Business Contents Cover
This will help cover all your stock, manufacturing machinery, engineering equipment, and office electricals against theft, damage or loss.

•    Product Liability Cover
Crucial if you manufacture, repair, import, supply or sell any products to the public. If you sold a faulty item that caused injury then you could be liable and taken to court even if you didn’t manufacture or make the product yourself.  This insurance is designed to cover compensation and legal costs resulting from a claim.

Read more in our business insurance guides or get a quote now.