What Insurance Does My Business Need?

The insurance industry is an ever-changing environment, which makes it difficult to keep up with current terms, processes and trends. We have put together a list of frequently asked questions to try and make understanding insurance a walk in the park. If you cannot find the answer to your question below, please use the form to send it to us and we will reply via e-mail.

Public Liability Insurance

Public Liability Insurance is essential for any business who deal with customers either on a business owned premises, or the customer's premises. Examples here could include but are not limited to: Restaurants, Coffee Shops, Retail Shops, Plumbers, Electricians and Gas Engineers. Office-based businesses are also included if you have customers coming into the business for any reason.

The reasons why liability insurance is so crucial are because it covers you in instances such as:

  • Compensation claims for injuries obtained when someone was visiting your business.
  • Compensation claims for property damage caused by your business.

Examples could be something as simple as someone slipping on a spilt drink at your business resulting in an injury, right through to construction work which resulted in someone else's property being damaged. This will cover not only the cost of compensation but also the legal costs associated with such claims.

If your business in any capacity comes into contact with anyone who doesn’t work within it, this cover is absolutely essential.

Employer’s Liability Insurance

If your business employs any person to work, regardless of how many hours they work or how long they’ll be working for you, Employers’ Liability Insurance must be purchased. Not having it is against the law.

Naturally, you wouldn’t want to be breaking the law, so you will no doubt already know that this cover is essential. What this covers you for is for incidents where an employee is injured or becomes ill because of work. If a situation arises with an employee in the circumstances noted previously, this insurance will cover any claims for compensation against your business. Payout amounts vary depending on the type of injury or illness, but historically they can run into very large amounts.

Property Insurance

If the worst happened, and your business lost all of its equipment you need to complete the work you sell to clients, could you afford to replace it all without insurance? If not, then Property Insurance is must have cover for your business. Whether you’re a tradesman with tools or a construction business with lots of plant machinery, this will cover you. But only if you set the amount of cover for the right amount. Your insurance should cover the cost of replacing everything, so make sure your policy is set to the correct monetary value in the event you need to claim.

Alongside your equipment/contents, property insurance will also cover your actual building, which is often overlooked as the most important asset within a business. In the event of a disaster including fire, flood or any circumstance where your property is damaged, you’ll have peace of mind that you’re covered.

Business Interruption Insurance

Both insurance coverage options noted above are safeguards when something goes wrong, but could your business afford to lose the money from the business lost during an event where you cannot carry it out? This is where Business Interruption Insurance comes in, and could cover you financially to replace that loss.

Professional Indemnity Insurance

Professional Indemnity Insurance is designed to cover you in the event of a claim from a client who claims that you’re work have lost them money. This could be because of a mistake you have made, work being delivered outside of the agreed deadlines or the work being poor quality.

Regardless of the circumstances and whether you agree with the claim or not, you’ll need to fight it. This cover will pay for the legal costs, and also the compensation in the event that you lose the case.

Whatever cover you need, know that Be Wiser Business Insurance can find it for you at the best price. Get a quote today and our expert teams will find you the cover the need and work to keep it within your budgets.

Author: Be Wiser Business Insurance.

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