The insurance you need depends on the type of business that you run and the particular risks that your business might face.
These are some of the main covers your business might need:
Public Liability Insurance protects your business against claims made for damage to third party property or injury to members of the public. It is not a legal requirement but a common contract condition to have insurance in place before commencing work. Most clients need this cover, whether to insure yourself in a meeting against spilling your drink on your customers laptop or working on a contract site.
Products Liability – often provide with the Public Liability – the insurance covers the same injury or damage elements as above, but arising from the supply of the products. Obviously of paramount importance to anyone manufacturing, wholesaling or retailing – even where you sell products manufactured elsewhere.
If you offer advice as part of your service then Professional Indemnity Insurance should be considered. Not a legal requirement but often a contractual one. This provides insurance for your error, omission or breach of professional duty in the course of your business, which causes your customer to suffer a financial loss. Accountants, Solicitors and Insurance Brokers obviously offer advice and would require insurance. Where there is a design element or any advice there is a potential insurance exposure and this cover should be considered.
If you employ staff, have volunteers or in some cases subcontractors working on your behalf – Employers Liability Insurance is a legal requirement and an essential part of you insurance program. Cover is generally provided with a £10M indemnity limit.
If you have your own or rent premises that you use for your business, then insurance can be covered for the buildings and contents, with additional options for Business Interruption, money, goods in transit and many others.
There are other insurances you may want to consider such as Directors and Officers Insurance, Personal Accident Insurance. We will cover these in a further blog so keep an eye out!
If you have any questions about insurance relating to a new start up business or a well established one, we are happy to answer any questions by phone or email
01432 268 007