It should be as much a part of your business as an accountant or business banking. Because without the right insurance, you risk losing your business or facing financial difficulty if something goes wrong.
While running your own business can be highly rewarding, there are risks involved too. If a client falls at your premises and claims for compensation, or you’re taken to court for negligence, you could face a bill for thousands of pounds, even if you’re subsequently proven to have done nothing wrong. And if your office gets flooded and you can’t work there for a month, you’d want to claim for interruption to your business.
Having the right insurance is a legal requirement in some cases, and essential for your peace of mind, to protect you, your business, your employees and your property.
Insurance is a monthly cost for your business, so it’s important to make sure you’ve got the right amount. Too much cover and you’ll be paying over the odds for something you don’t need; too little and you could have gaps in your cover that would prevent you from being able to claim.
Firstly, it’s important to distinguish between compulsory insurance and what you can tailor to help keep your business protected.
Compulsory business insurance
Alongside the compulsory insurance element, you should also consider covering yourself for:
No two businesses are the same, even in the same industry. So as well as choosing the cover above, think about your other insurance needs. If you run a small motor fleet, that would mean new care replacement cover; if you’re a pub owner it’s cover in case you lost your license; and if you’re a property owner, then it’s cover for loss of rent.
To find out how you can protect your business, get a quote now or for more advice, call us on 0333 321 1403 and speak to our friendly advisers.
Protects against claims of alleged negligence in your professional services, advice and designs.
Protects against claims of injury to third-parties or damage to a third-party's property.
A legal requirement for anyone employing staff. Protects your business in-case an employee is injured at work.
Protection for losses from, fraud, dishonesty, theft, bribery, forgery, and loss investigations.
Covers your business in the event of a malicious attack on your computer systems and data.
Protects your assets in the event of a claim. You may be held personally responsible for your business action and will have unlimited personal liability.