If you’re looking to buy for business insurance for the first time, it can be tricky to know which type is suitable for you. Follow this simple guide to find out what is appropriate for your business needs.
Why do I need business insurance?
Just like any other type of insurance, business insurance is there to help if things go wrong. Your business is your livelihood and business insurance is there to help protect what you’ve worked so hard to achieve and to help you get back on track should the worst happen.
What types of insurance are there?
Whatever type of business you run there will be appropriate cover for you. For example, if you’re a tradesman and rely on a vehicle to run your business, you can get specialist van insurance. A good policy will include replacement van hire and cover of tools as standard.
How can I find out what is right for me?
Get in touch with a few insurance companies and ask them to provide quotes for business insurance. Give your advisor the details of your business – for example whether you have employees, where you work, how much equipment you have and what it’s worth – and they will know which type of insurance you need and how much it’s likely to cost.
When do I need public liability insurance?
If you come into contact with members of the public, then you should consider public liability insurance. Public liability insurance covers you for injury to persons or property for which you are liable – i.e. for which you are to blame. People can claim against you for compensation if they are injured whilst at your business premises, but also in other places, such as construction sites or if you’re making a sales visit. If you employ any staff it’s a legal requirement to have Employers liability insurance if you have any employees, so that you’re covered in case they decide to claim against you for any reason.
I run a business from home. Do I still need insurance?
Running a business from home is increasingly popular, but you shouldn’t assume that you’ll be covered against any injury or accidents by your home insurance as that isn’t always the case. Many home insurance policies won’t include property that is used for business purposes, so if you spill a cup of coffee on your brand new laptop, you’ll have to fork out for a new one yourself, unless you’re properly covered.
About the Author: This article is provided by Ginnie Richards