Every business will have slightly different requirements and it is vital to ensure that all odds against your business are covered. When you have a proper business insurance policy, it will cover your business in case things go wrong and it can foot the initial bills for different things like legal costs and compensation payments. The insurance type that you need will depend on your specific business needs.
While the employer’s liability insurance coverage is one among the legitimate requirements for all businesses which have staff, the tradesman saver liability insurance is a part of public liability insurance coverage which is also necessary. Read on to know more on the other policies that your business may need.
- PUBLIC LIABILITY INSURANCE
Does your business come into contact with public members, whether inside your business premises or outside? If answered yes, you need to have public liability insurance which can safeguard you against all compensation claims for damages or injury made by customers, clients or third-parties. Majority of the hairdressers, restaurants, shops, builders and tradesmen take out the required insurance policies.
- EMPLOYER’S LIABILITY INSURANCE
Does your business employ staff? If yes, you are legally required to get a liability insurance policy for the employer. Members of the staff can often make compensation claims due to an illness or injury that they have incurred while working in your business premises. This insurance coverage will cover you against such claims. Check with the Health and Safety Executive guidelines to know whether you’re exempt from this.
- PROFESSIONAL INDEMNITY INSURANCE
Professional indemnity insurance is vital when you have a business which offers advice to professionals or provides a professional service to another business. In case you deal with intellectual property or client data, this is important. During a situation where you make a mistake in your work and your client loses money for you, he will sue you. But your professional indemnity insurance coverage will cover you against such claims.
- BUSINESS BUILDINGS INSURANCE
Regardless of whether you work from home or have a separate entity like an office, pub or shop, it is vital for you to have business buildings insurance. While renting a place, ensure checking with the landlord to know what is already covered.
- BUSINESS LEGAL PROTECTION INSURANCE
This is also called business legal expenses insurance and it covers all the commercial legal expenses and offers protection against the possible costs of legal action which are brought against a business. This insurance is also a necessity.
- PRODUCT LIABILITY INSURANCE
If a customer incurs damage to a faulty product of your company, he might sue you for this. If you have product liability insurance, you will be covered against all this. The customer might hold you liable for the damage even if the product is not manufactured by you.
Therefore, when you’re starting off with a business in the UK, make sure you have all the above listed insurance coverage to protect yourself and your business against all odds.