Product liability insurance isn’t the only recommended cover for businesses: there are a number of other covers which can help to protect your assets and liability towards others. Taking out the right insurance for your business can give you peace of mind to focus on what really matters – your business.
As a business owner, it’s important to evaluate all the risks to your business. Considering what could potentially go wrong will help you establish the covers you need most.
If you own a shop, office, pub or hotel for instance, you will have valuable assets and property to protect; so this should form a key part of your business insurance.
Protecting those around you is also essential. Public liability insurance protects your business financially if someone has a slip, trip or fall or sustains an injury as a result of your business activities. It also covers accidental damage to their property if something goes wrong while you work.
Similarly, if you’re an employer then you’re required to take out employers’ liability insurance by law. You have a duty to protect your staff while they work and they could pursue you for compensation if they had an accident and sustained an injury. Employers’ liability insurance protects your legal liabilities and your business financially in these circumstances.
There are a number of other insurances available includinglegal protection, business interruption, professional indemnity and many more. Having a bespoke insurance solution that’s tailored to your individual needs is essential for any business owner.