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Business Insurance is something that just about all businesses need to have. Business Insurance is quite simply, Insurance that protects your business, whether you’re a tradesman, shopkeeper, factory owner, manufacturer or courier.
Business Insurance comes in many forms, such as:
Plan Ahead
This is by no means an exhaustive list, just an idea of some of the Insurance Policies which are designed to cover the many different aspects of your business.
Liability Insurance is an essential insurance cover for all businesses. (Public liability Insurance)
If you are operating a business then you should consider having liability insurance cover in place before proceeding with any work, you should consider this insurance policy as part of your operating plan. After all failure to have a valid Liability Policy in place could bankrupt your business, if the unexpected was too occur and you had no cover in place.
For sure we all hope it will not happen but sadly exceptional circumstances occur.
Commercial Property Insurance is typically paired with Business Interruption Coverage which can offset income you may lose, while you’re shut down as a result of an insured loss.
Commercial Insurance is an extremely complex area and getting it wrong can cost you dearly. So please be diligent.
Public Liability Insurance and Professional Indemnity Insurance are often the core covers of a Business Insurance Policy and you can add additional covers to these policies to suit your business.
Public Liability covers any damage caused by the insured (yourself) to a third party (the customer) property, a prime example of this would be if you were a Plumber and whilst carrying your equipment into the property you accidentally knocked over an expensive ornament.
“OH NO! That piece cost me $15,000.“
“Can I see your Insurance Please?“
If a member of the Public is injured on your property or whilst you are working on your Customers property you may well be held responsible. The same applies. “Can I See Your Insurance Please?“
Employers Liability Insurance is a compulsory insurance cover that all employers must have by law. The employers liability portion of most Workers Compensation policies protects your company in the event that an employee files suit, claiming that your company's negligence was the cause of the work related illness or injury.
Like Car Insurance, Employers Liability is a Statutory Requirement so do not trade without it, if you have employees.
Business Insurance is any type of insurance that is directed at a business rather than an individual.
Business Insurance offers peace of mind and the policy that you purchase needs to cater for all your business needs. Business insurance simply makes sense, so take the time today to find out more about your insurance options.
Business Insurance is needed to protect you from the unknown. Definitely an absolute imperative to protect any company.