If you’re a business owner then you will be intimately familiar with the minefield that is business insurance. With so many different types of coverage available, it can be difficult to figure out what is the right option for your business. However it is vital that you are covered for anything that may go wrong with your staff or your customers. So here is a guide to the different types of insurance available and what you ought to be looking for.
Liability Insurance
If you are coming into contact with members of the public like your customers on a regular basis then you need to think about getting a quote for public liability insurance. This insurance protects you against claims for compensation from people outside your business who suffer injuries or whose property is damaged because of your business – whether it’s a visitor who trips on a loose rug and ends up damaging his ligaments or it’s a construction accident that causes someone serious injuries.
Employers’ liability insurance, meanwhile, is even more important, as you are required to have it if you have any employees at all, be they on a part-time or a short-term basis. If you do not get this insurance then you will be breaking the law. If your employers end up seeking compensation from you for injury or illness then the payments can become very large, and this coverage will pay for it as well as the legal costs of defending the claim. Many businesses are taking on risks all the time as part of their daily work, so it’s worth looking at general liability insurance from companies such as Catlin to protect yourselves should anything go wrong.
Additional Insurance
It is also well worth considering property insurance to make sure your tools, stock and office space are covered. Ask yourself whether you could pay to replace everything in your office from your pocket if it is destroyed, lost or stolen. If the answer is no then protecting your assets with this kind of insurance is essential.
Business interruption insurance is also worth considering to make up for the money you would lose if you are unable to work because of damage or destruction to your property.
Professional indemnity insurance is another type of cover you should think about if you are providing advisory or consultancy services and make mistakes which end up costing another firm money. So take a look around at what is available and think carefully about what you need as a business, so you can be sure you are properly covered should the worst ever happen.
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