Any business is likely to need some kind of insurance. However, not all businesses require the same type of insurance, and some might not need any that much. Different types of insurance can help to protect your business premises and your company when you’re trading. It can help you out if anyone has an accident on your property, if someone objects to the service they received, or if one of your employees becomes ill. Here are some of the types of insurance you might need.
Public Liability Insurance
If someone suffers an injury or has their property damaged and they think it’s your fault, they can seek compensation from your business. Public liability insurance helps to protect you in these situations, paying for legal costs and any compensation you might end up paying out. Anyone who has business premises that customers visit might want to consider this type of insurance, as well as those who sell physical products. Some industries could have a higher need for public liability insurance, such as construction.
Employer’s Liability Insurance
If you employee people, it’s the law for you to have employer’s liability insurance. It’s not a matter of whether you want to or not. Employer’s liability insurance protects you if one of your employees is ill or injured because of the work they do. They can look for compensation, and you might have to pay out if you could have prevented their illness or injury. Like public liability insurance, it helps to cover compensation costs and legal fees.
Professional Indemnity Insurance
Professional indemnity insurance is designed to protect businesses that provide a service, such as an accountant or surveyor. If you provide advice and knowledge, you can influence the success of a business. If a business loses money because you make a mistake, they might file for compensation. Professional indemnity insurance is for just such a situation. Like other types of insurance, it can help you with legal costs and, if you are found at fault, compensation costs too.
If you own commercial property, insuring it is essential. As well as insuring the property itself, making sure you insure everything inside it is important too. If someone were to break into your business premises and cause damage or steal equipment, it could be difficult to recover the cost. Commercial property insurance helps to protect you from theft, vandalism, flooding, fires and anything else that could damage your property and its contents.
Specific Industry Insurance
Some industries have special types of insurance that are designed to meet their specific needs.
It’s important to consider the structure of your business and its individual needs to get the right insurance. Each business is different.