How to Get Business Insurance
Getting your business off of the ground is a huge achievement in and of itself, and keeping it going from strength to strength equally so. Unfortunately, there are myriad ways that your business could be brought to its knees that you’ll need to prepare yourself for.
Business insurance is the best way that you can ensure that your business is able to withstand all that’s thrown at it. But with a variety of different types of insurance policies out there, how do you choose the right one? Here, we’ll be detailing just that. However, first of all, we’ll be showing you why you need insurance.
Why Do I Need Insurance?
It is a legal requirement that your business has insurance if you employ anyone. Accidents can occur at any time, so you’ll need to be covered if and when they crop up. Liability insurance ensures that if anyone is injured, your business will be covered – by law, this cover must extend to £5 million.
Furthermore, it simply makes sense to insure your business. A properly insured company displays responsibility, a trait that will come in handy in B2B communications and deals, as well as to customers. It also will help immensely in the event of fire, flood or criminal damage, which otherwise could prove very costly.
How to Choose Insurance
Because of the importance of business insurance, you’ll need to choose a provider that offers the right policy for you, and at a great rate, too. Therefore, it pays to shop around. Be sure to ask a number of insurance providers how they might be able to help you. It may also be worthwhile to avoid comparison websites altogether; providers may offer better deals if you talk to them directly.
Moreover, you will also need to calculate the values of your property and how much cover you would need to protect you from worst case scenarios for your business. Having an insurance policy that is inadequate for your needs or under-valued is a huge mistake that could cost you dearly. To avoid this, talk your insurance requirements over carefully with an expert.
When you move forward with trying to find a suitable insurance provider, you’ll also need to know what types of policies are available. We’ll briefly discuss those now.
Public Liability Insurance
This type of policy will protect you from the damaging effects of a lawsuit taken out against your business by a member of the public. Claims for compensation filed by anyone outside of the business, for injuries as small as tripping on a rug when visiting, can seriously harm both fledgling and established companies alike. Also, public liability insurance protects you against claims following more serious injuries, such as construction-related injuries and more.
If your company comes into contact regularly with the public, whether on your premises or in their home, public liability insurance should be high on your list of insurance concerns.
Professional indemnity is slightly different. This policy covers you against any claims made by an individual with whom you have done business. For instance, if your client loses money following work that you have carried out for them, either because the work is late or of poor quality, they may sue. Professional indemnity policies protect you against claims of this sort by paying out compensation and covering legal costs.
Second in importance only to the quality of your employees and the work your company produces is the premises your business is housed in. Without an outstanding place to work and conduct business, your company will see all types of problems. Things go awry at any time, so you’ll need to protect your property with the appropriate insurance policy. As stated above, you’ll need to assess the value of your property first to ensure that full and appropriate coverage is provided under your policy.
Likewise, property insurance also insures your company’s equipment, too. Be sure to also assess the full value of all of your equipment so you’ll be able to replace it all in an emergency.
Employers’ Liability Insurance
It is a legal requirement for you to purchase employers’ liability insurance if you employ anyone, no matter on how casual a basis. The insurance will cover you if anyone is injured or becomes ill as a result of their work. Following injury or illness, your employee may seek compensation, and this policy will front compensation and legal costs.
Combing through all the different types of insurance policies can be a nightmare if you aren’t in the know, which is why The Insurance Store are here to help. We offer unbeatable business insurance policies from our base in the St Albans and Harpenden area. Whatever your insurance needs, we can be of assistance. We pride ourselves on our ability to beat quotes given by price comparison websites and our professional team are excellent at seeking out the perfect package for your needs. So for friendly advice or a no obligation quote, contact our team today.