Small business insurance - What are the benefits of business insurance?

Why every business needs comprehensive business insurance

Posted on 28th May 2019 by

Every business, large and small, needs to have business insurance. If you employ staff, even if you only employ one person, then it is the law that you at least carry Employers Liability insurance with the minimum level of £5 million of cover.

Aside from any legal and/or contractual requirements that may stipulate the need for insurance, there are many more benefits to business insurance that are often overlooked.

As a business owner, when you are sourcing insurance policies to protect your company, it isn’t always best to favour the lowest premiums on offer as the level of cover may not be adequate for your requirements.

Caunce OHara business insurance

When the ‘rainy days’ bring insurance claims, businesses benefit from carrying comprehensive insurance cover.

What is the benefit of business insurance?

Here are five ways business insurance can help you thrive:

Business insurance will help to protect your assets

In the event of a fire or flood damage to your business premises a comprehensive business insurance policy would respond by helping you to continue trading while you get your business back on its feet. The right policy would also help cover the cost of replacing any damaged business equipment.

business insurance can hlep in the event of a flood

Business insurance can help when your picturesque view gets too close for comfort.

It adds credibility for your business

Although the only business insurance required by law is Employers Liability cover, carrying other business insurance policies such as professional indemnity insurance and public liability cover will help add much needed credibility to your business.

In the modern litigious world, most companies that procure the services of other businesses will insist on their suppliers being comprehensively insured. Without having insurance in place, you run the risk of being overlooked for lucrative business contracts.

employers liability insurance protects your employees

employers liability insurance protects your employees as well as your business.

You need business insurance to help protect your employees

Employers Liability insurance is required by law for all businesses that employ staff. It will protect you in the event one of your employees suffers an injury or illness during the course of their work and brings a claim against your business. The minimum legal requirement for cover is £5million, Caunce O’Hara provide £10million cover as standard.

business insurance protects your customers

business insurance protects your customers

You are protecting your customers

Aside from protecting your business, carrying business insurance could also protect your invaluable customers. Typical insurances a business will benefit from include; Property Insurance, Business Interruption and Liability Cover.

Public Liability insurance will protect your business in the event one of your customers trips and falls over on your premises, injuring themselves in the process. Should they then bring a claim against you for damages your insurance policy would respond to cover you.

Click here for a quick online business insurance quote


business insurance can cover you for legal expenses

legal expenses insurance can cover you for legal costs incurred during a tribunal or investigation.

Business insurance can protect you against legal action

With a comprehensive business insurance policy, you are reassured that whatever claim is brought against you, your business insurance will respond and help you cover any costs resulting from it.

One of our most popular freelancer and contractor policies is Legal Expenses Insurance. For only £75.00 per year you can insure yourself against most instances where legal costs and expenses are incurred, including:

Employment disputes, Employment compensation awards, Property and landlord tenant disputes, Criminal defence, Tax protection, Regulatory compliance, Statutory licence appeals, Jury service and court attendance, Employment extra protection, Identify theft protection and Contract disputes.

You can also add a comprehensive Contract Review to complement your legal expenses cover for only £60.00.

You can find out more about Tax Enquiry & Legal Expenses Insurance here.

If you are a small to medium sized business, please contact our broking team to discuss what legal expenses insurance is available to meet your requirements on 0333 321 1403.

Caunce O’Hara have been insuring businesses of all sizes since 1995. Our wealth of experience, aligned with our strong relationships with the UK’s leading insurers, allows us to source the best possible insurances for your business’ needs.

Whether you are a freelancer or contractor, a Small business looking for insurance, we can provide you with business insurance policies that you will find invaluable.

For further information about what types of business insurance are available to you and for a competitive quote, please call our friendly team on 0333 321 1403.


Related Articles:

Differences between Professional Indemnity and Employers Liability Insurance

Understanding the essentials of small business insurance

Avoiding underinsurance


Author Phil Ainley, Marketing Manager