How Do I Find the Right Insurance for My Business?
Business insurance is undoubtedly an especial part of running a business but how do you know what insurances are right for you?
What is business insurance?
Business insurance protects businesses against losses suffered during their normal activities, it can be useful in a variety of issues and circumstances. No matter what type of business you run you are likely to need some form of insurance to keep your business covered.
Do I need business insurance?
There are some insurances you are legally obliged to have to run your business. However, there are many different types of insurances available and they may not all apply to you and your business.
What types of insurance does my business need?
You are legally required to take out certain insurances when running a business and there are others which may be required by regulatory bodies. These include;
Employers liability insurance.
If your business employs any other person it is mandatory for you to have employers’ liability insurance. This type of insurance pays for legal costs if your business is responsible for an employee getting ill or injured, dying, or if their property is damaged.
Public liability insurance
This covers the cost of the legal action if a third party dies or is injured. This also extends to any of their property If it is damaged as a result of your business activities.
The premises which you run your business from will need to be insured. This insures you for such things as damage caused by storms, fires, floods and accidental damage. If you rent your business property from a landlord, it’ll be their responsibility to insure the building
Motor vehicle insurance
You are legally required to insure any motor vehicle in your business.
Provides compensation for claims and legal fees should a client suffer a financial or professional loss because of your business. If your business gives advice, provides a professional service to clients, or handles data or intellectual property belonging to others you will most likely need to have professional indemnity cover.
There are also several optional business insurance policies you may also want to consider. These will depend on the size and nature of your company. These could include some of the following;
- Cyber insurance
- Business contents insurance
- Directors & officer’s insurance
- Employee travel insurance
- Pollution risk insurance
- Key person insurance
- Business continuity insurance
- Trade credit insurance
- Glass & Sign cover
- Plant and business equipment cover
- Goods in transit insurance
- Money insurance
- Fidelity guarantee
- Engineering insurance
- Product liability
- Stock insurance policy
- Business interruption
Depending on your business some of these insurances could be essential. For example, if you are a tradesperson you would probably look to insure your tools and equipment. Should they be damaged or stolen you do not run the risk of your business grinding to a halt, if you have tool or equipment insurance in place.
It is also important to consider all the above insurances and policies if you work from home or are self-employed as many of them are pertinent and still required.