What Business Insurance do I need for my business?
Without wanting to sound cliché, that really does depend on the type of business you are running. It also depends on your own preferences, too. Because there are many variables, it’s worth taking advice. That way you get the cover you need, without paying for protection you don’t require.
The only type of business insurance that you are required to have by law, is Employers Liability. It is required where you have anyone working under your instruction, including directors. It is not limited to PAYE employees, it could also be a casual, part-time worker.
Other types of cover you might want to think about
There are a range of other business insurance covers that you should consider, too:
- Other Liability insurance covers. Public Liability, for example, which works similarly to Employers Liability. Liability covers are designed to protect your business from accusations of wrongdoing, incompetence or malpractice that has allegedly led to harm to a Third Party.
- Commercial Property buildings insurance. If you own your own business premises, they’re likely to be a significant asset to the business. Because of this, you’ll want to protect them with a Commercial Property Buildings policy. In fact, where you have a mortgage, Commercial Property building insurance is almost certainly going to be a condition of your lender. No matter whether you rent or own, you should consider Commercial Property Contents cover, because this will take care of your business office equipment and furniture.
- Other business insurance. Depending on your trade, profession and type of business, there are countless potential business insurance covers which may be relevant and worth considering. So you might want to insure stock and other assets. It could be you have plant and machinery or the tools of your trade to think about. If you supply and distribute either your own or a Third Parties’ goods, you may need to consider Good in Transit insurance, too.
When buying Commercial Insurance, it’s really worth taking a step back and thinking about every aspect of what your particular business does. So, consider where you face risks, what the possible consequences might be, and whether your business would benefit from a cover. The alternative is to consider a Business Combined insurance policy.