Explaining the Different Types of Business Insurance
Getting the right cover for your business is imperative to a smooth-running company without the risk of getting caught out in any areas. The right cover for you and your business will depend on the type of business you run, what exactly you do and what your employees are doing daily. You’ll require a tailored package to your specific business of different types of insurance, and we understand that it can be intimidating and overwhelming to know exactly where to start. Today we wanted to go through the various kinds of insurance that you may need for your business to operate effectively.
Professional indemnity insurance
No matter what your business is, it is most likely that you deal with customers in some way at some point. Professional indemnity insurance protects you and your business from unexpected mistakes that could be perceived as negligence or malpractice. While you are still responsible for ensuring that your business is operating lawfully and properly, sometimes things that are out of control happen. Those who suffer will often seek legal compensation for their lost time or money. PI insurance covers any legal fees and compensation expenses so that you can get on with a regular business day.
Employers’ liability insurance
You’ve probably heard of this one already, as employers’ liability insurance is a legal requirement here in the UK. If you employ one or more staff members, you are obliged by law to have this insurance in place, and you could be fined for not doing so. Employers’ liability insurance protects if one of your employees has to take time off for injury or illness due to their work. It also covers part-time employees and volunteers, anybody who is doing work for your business at any point for any amount of money. As it’s a legal requirement, it’s likely the first port of call for you and your business.
Public liability insurance
If any public members, whether they’re customers or not, feel as though your business activities have damaged their property or injured them, they can make a claim against you. Public liability insurance ensures you have peace of mind if something happens, whether or not it is your fault. This insurance will cover the legal costs so that it doesn’t make a huge dent in your ongoing costs for that year.
Personal accident insurance
One that you should have as a way to protect yourself from loss of business or productivity. Personal accident covers your business from losses that may occur if a key employee, or any employee for that matter, suffers an accident or illness that puts them out of work for a significant period of time.
Directors’ and Officers’ insurance
Directors’ and officers’ insurance protects you if any claims are made against you as the company’s leader. Since your responsibilities go above and beyond the average employee, it is important to make sure that you’re covered against any negligence claims.
Equipment breakdown insurance
One that’s quite specific but necessary nonetheless and is often overlooked equipment breakdown insurance covers you if any of the equipment you use suddenly stops working and needs repairs. Equipment is key to ensuring that the business runs smoothly, and unexpected costs can be a nightmare to ensuring profitability.
Business insurance from Business Quotes
Hopefully, that brief rundown helps you understand the different kinds of insurance you may need for your up and coming business. Here at Business Quotes, we provide quotes for various types of insurance from across the industry, ensuring that you get the best price for your business needs. So start your free quote today!