An Essential Guide to Business Insurance

If a business has employees, it is your responsibility as an employer to protect the health and well-being of your staff. One of the ways you can do this is by having employers’ liability insurance in place to comply with legislative requirements.

It’s designed to protect you against any claims for compensation following an injury or illness suffered by an employee if your company is found to be at fault. It will also cover any legal costs if your Insurance Company chooses to defend your company’s position, as well as the costs and expenses incurred by the employee should you be found legally liable.

If your business involves work on-site or at a third party’s premises you will need to consider Public Liability insurance. Any person can make a claim against you if they are injured or their property is damaged as a result of your business activities.

It is, therefore, the responsibility of the business owner to make sure that any claim for compensation from a third party is met. It could include loss of earnings, future loss of earnings, damages awarded to a claimant and any legal expenses that you could incur if you are found to be liable (up to certain limits).

Unfortunately, businesses are at risk from unforeseen events such as flooding, fire and theft. If the worst should happen you may be unable to trade immediately following the event.

Business Interruption insurance can cover you for loss of income suffered whilst you deal with the aftermath of such an event, in addition and providing that your sum insured is adequate, it will take into account any growth in income that might have happened had the disaster not occurred.

Providing advice in a professional capacity can come with risk. No matter how careful you are, sometimes things don’t go to plan. Professional Indemnity insurance is designed to protect your business in the event that a client suffers financial losses as a result of the work you do for them

If your clients rely on your expertise and your actions cause them financial loss you could be personally liable to rectify the damage. Therefore, Professional Indemnity insurance can give you peace of mind and financial security should something go wrong.