Protecting your employees and assets
Whatever business you’re in, having the right insurance in place is essential to protect your assets and responsibilities.
We’ve put together a short description of the most common types of cover for small businesses, along with a brief checklist to get you thinking about your current arrangements.
Common types of business insurance
Employer’s Liability insurance is a legal requirement. It protects you should a member of your staff be injured or become ill as a result of the work they do.
Public Liability insurance protects you should a member of the public suffer an injury or damage their possessions whilst visiting your office or premises. It also covers you when you carry out work away from your premises.
Professional indemnity insurance covers the costs of legal action taken against you, should a client feel they suffered financial loss as a result of your professional opinion.
Depending on your circumstances, you may also need to consider things like buildings insurance, business interruption, business fleet insurance and insurance cover for tools.
Your business insurance checklist
- Take the time to understand your policy/s
Whether taking out new cover, or renewing your business insurance, take the time to understand your policy. Look at exactly what it does – and doesn’t – cover you and your business for.
- Check your cover levels and limits
Check and double-check the levels of cover you have. Are your liability limits appropriate? Are there any exclusions that might apply in the event of a claim? You may find it useful to seek professional advice if you’re unsure.
- Ask questions when things seem unclear
Don’t be afraid to ask questions. Do you know what Business Interruption or Goods in Transit really means for your business? If your policy is heavy on jargon and hard to understand, ask your provider for help. A good insurance provider will be happy to explain what you are paying for.
- Tell your insurer if your circumstances change
Make sure you tell your insurance provider if something changes in your business. If you’ve taken on staff, diversified, grown or downsized, it’s important to let your insurer know. If you don’t, you could find yourself under-insured – or find your policy is no longer valid.
- Seek professional advice
Buying insurance can sometimes appear simple, but it’s easy to overlook policy features that could make a big difference if you ever need to make a claim. Seeking professional advice will help ensure you’re fully informed about your policy.
If you’d like help understanding or reviewing your business insurance, please get in touch.
