Business insurance is to protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs Here are the most popular types of business insurance and the reasons why business owners may need them.
• Public Liability Insurance
Public liability insurance is a key consideration if your business comes into contact with members of the public, whether that’s at your premises or elsewhere. It can protect you against compensation claims for injury or damage made by clients, customers, suppliers, or other third parties.
• Professional Indemnity Insurance
Professional indemnity insurance is important if your business gives advice or offers a professional service to other businesses, or if you deal with client data or intellectual property and can cover the compensation claims and legal costs.
• Employers’ Liability Insurance
If your business employs staff, you’re probably legally required to have an employers’ liability insurance policy. This covers compensation claims made by a member of staff because they’ve suffered injury, illness or damage as a result of their work.
• Business Building Insurance
Whether you work from home or have separate business premises such as a shop, office, or pub, business buildings insurance should be a priority. If you rent the premises, make sure to check with your landlord to see what’s already covered.
• Business Contents Insurance
You can also protect the contents of your business premises, your business equipment and tools to get them replaced or repaired if damaged, stolen or lost.
• Stock Insurance
If you hold any stock, whether on your premises or in storage, stock insurance will cover the cost of replacing it if it’s damaged, destroyed or stolen.
• Product Liability Insurance
Product liability insurance protects you, should a customer of yours suffer damage as a result of a faulty product you provide. You may be held liable for damage even if you didn’t manufacture the product.
• Personal Accident Insurance
Personal accident insurance covers serious injury or death caused by an accident. It can pay out for lost income, medical costs and hospitalisation, up to the limit of the policy. The maximum amount is £10,000 for an injury and £20,000 for death.
• Business Interruption Insurance
If your business is disrupted by material damage caused by an event such as a flood or fire, business interruption insurance provides you with the financial cover you need to get back on your feet.
• Business Legal Protection Insurance
Business legal protection insurance - also known as business legal expenses insurance - covers your commercial legal expenses and provides protection against the potential costs of legal action brought by or against your business.
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