What Business Insurance Do I Need? & Is It Required?
Whether you run a small business, a large multinational company or are self employed, business insurance can help protect you and your company against unexpected costs. Business insurance is there to help protect business owners against everyday risks that come with running a company. This could include mistakes, stock or premises damage and of course legal costs. You can even get some policies against business interruption and supply chain breakdown.
Is Business Insurance Required?
You may be asking yourself, “Is business insurance required?” Legally business insurance is not required. There are a range of business insurance options which we will discuss later on in the article, that will cover business owners from errors, accidents or disasters. If you have employees it is important to keep them protected and covered too. The types of business insurance are required by law are:
– If you are an employer you are legally obliged to have employers’ liability insurance to cover the cost of compensating employees who are injured or become ill through work.
– If your business uses vehicles you are legally obliged to have commercial motor insurance
– Some professionals are required to have professional indemnity insurance.
Other types of business insurance are optional such as commercial property insurance which covers the cost of repairing or rebuilding your business premises, or replacing your stock. Liability insurance covers the cost of compensation claims following fault or negligence brought against you or your business by clients, customers, shareholders, investors or members of the public. Finally you could get Cyber insurance which covers you for losses relating to damage to, or loss of information from IT and networks.
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What Types of Insurance Does My Business Need?
The first question you need to ask yourself when you’re wondering what type of business insurance you need, think about the kind of work you do and what type of risks you feel like you would need to cover. Below we have listed and explained some of the most popular types of business insurance and the reasons why business owners may need them.
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Public Liability Insurance
Public liability insurance covers the cost of claims made by members of the public for accidents and incidents that occur in connection with your business activities. It covers the cost of compensation for personal injuries, loss or damage to property and even in some cases death.
Professional Indemnity Insurance
Professional indemnity insurance is a policy designed to protect business owners, freelancers and the self-employed if clients claim that the service or product provided is inadequate. Any business which provides a professional service, product or gives advice could be sued if a recipient is unhappy with their work.
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Employers Liability Insurance
Employers’ liability insurance covers you and your business for compensation costs if an employee becomes ill or injured as a result of the work they do for you. It is a legal requirement for businesses with one or more employees.
Business Buildings Insurance
Business building insurance is covered for the building you run your business from. It can cover you if your business premises are damaged or destroyed.
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Business Contents Insurance
Business contents insurance is business insurance that can protect the possessions and equipment in your work premises. The policy will cover damage or loss to furniture, tools and equipment as a result of fire, flood or theft.
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Stock Insurance
Stock insurance covers the cost of replacing your stock if any of it is lost, stolen or damaged.
Product Liability Insurance
This covers the cost of compensating anyone who is injured by a faulty product that your business designs manufacturers or supplies.
Personal Accident Insurance
This is designed to help you suffer from a serious injury or death as a result of an accident.
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Business Interruption Insurance
If a covered loss forces your business to shut down, this type of insurance can help cover your operating expenses including revenue you normally make, mortgage, rent and lease payments for your business space and any loans you need to make during that time.
Business Legal Protection insurance
This offers you cover against the costs of taking legal action against a third party or defending yourself against legal action in relation to your business.
Why Business Insurance?
You can tailor your insurance policy to address specific risks facing your business.It is important to think about the aspects of your business that could need protection, this includes:
– The type of work you do
– Your physical premises
– Property & equipment
– Intellectual property
– Employees and customers
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What Insurance Do I Need For My Small Business?
During lockdown, a huge number of small businesses opened. Small businesses can require many of the same types of insurance as larger companies but it does depend on your setup. If you don’t have employees yet then there is no need to worry about employer’s liability insurance, but you can add it to the policy if you hire people in the future. This is the beauty of business insurance, you can add policies as you go forward.
If you would like more information on business insurance from Full Time Cover in [broker_county] please get in touch with a member of the team today