It can prove difficult to know what insurance a new small business needs when setting up out for the first time. I’ve summarised the most common forms of insurance below and how they could benefit you and your business:
Public Liability Insurance
• Public Liability Insurance is essential cover for any business, especially if you come into regular contact with members of the public. Not only will public liability insurance cover the costs of damages claimed by a member of the public, due to your company’s negligence, but can also cover legal fees and even NHS treatment fees, should the claimant’s damages require medical attention.
Employers Liability Insurance
• Employers Liability Insurance is a legal requirement if your business employs any number of people. Employers liability covers your business should an employee be injured or killed whilst at work. It can cover legal fees, costs of damages and NHS treatment. Paying out thousands of pounds or even hundreds of thousands of pounds could destroy a business. Employers Liability will help soften the impact and allow you to continue operating despite the unfortunate incident.
Professional Indemnity Insurance
• Professional Indemnity Insurance is important cover if you or your business operates in a professional capacity. For example, a Doctor that misdiagnoses a patient could be liable for a lot of money if it leads to some form of loss or long-term damage. Having professional indemnity will cover many of these costs and will give you the peace of mind to continue working whilst knowing that you’re covered should any unfortunate incidents occur.
• Shop Insurance speaks for itself really. If you own or are thinking of setting up a shop business (i.e. cafe, bar, pub, restaurant, store) then shop insurance can cover you against a whole host of issues that could occur. Many shop insurance packages include public liability and employers liability as well as some of the more obvious ones such as shop money cover and building & contents cover.
• Van Insurance is a legal requirement if you own any type of van for personal or commercial use. The majority of good van insurance policies will cover fire & theft, breakdown cover and legal liability should you get into an accident or some form of incident occurs whilst out and about.
• Landlord Insurance – Unlike regular home insurance, landlord insurance covers so much more as there is so much more at risk. Not only will landlord insurance put building & contents cover in place but it will provide public liability and employers liability insurance should you need it. There are a number of additional areas that landlord insurance can cover and it’s certainly worth investing in if you rent a property or are considering it.
The vast majority of small business owners simply do not want the hassle of looking for insurance to cover their business. Using a website such as Motaquote to find the right kind of cover for your business is probably the best and easiest way to buy insurance.
The site offers a wide range of insurance from a panel of top insurance firms in the business.