What Is Business Insurance?
Find out more about Business insurance and what it covers.
What Is Business Insurance And What Does It Cover?
Anybody running or owning a business, whether self-employed, Sole Trader or Limited Company, will probably need some form of insurance to protect them. For Employers, it’s a legal requirement to have Employers’ Liability cover, while optional cover such as Public Liability or Professional Indemnity protects your customers and members of the public, as well as your own business. Need cover for you buildings, contents, tools, stock or money? No problem. Business insurance can cover it all.
Business Insurance Explained
Public Liability insurance, while optional, is important for all businesses in case someone is injured, becomes sick or dies, or their property is damaged as a result of your business activity. For companies with any employees, whether it’s only a single member of staff, it is also the law in the UK to have adequate cover in place to ensure that employees and their families, are covered should they become seriously ill, injured or even die while carrying out their work for you.
For any business giving advice or offering professional services to other businesses, then Professional Indemnity covers them in the event that any advice given causes financial loss or damage to their client. Some trade bodies will insist that all of their members, in order to become members, have an appropriate professional indemnity or public liability policy in place, while some clients will insist on certain levels of cover from their suppliers before offering work and issuing contracts.
Other covers are available to protect your own business such as buildings and contents, stock, tools and equipment, money and assault, goods in transit and business interruption. The amount of protection offered will differ by insurance company, so you should always choose a policy that offers the protection levels you think your business requires.
So what can business insurance cover?
- Public Liability
- Professional Indemnity
- Employers’ Liability
- Sales & Service Indemnity
- Buildings & Contents
- Goods In Transit
- Business Interruption
- Money & Assault Protection
- Tools, Equipment & Stock
- Residential & Commercial Landlords
- Commercial Legal Expenses
- Contractors All Risk