Insurance cover for your business is an unusual and unique subject, because it involves buying something that you hope you’re never going to need. That said, it’s important to give it some thought, because when the unexpected happens the right insurance can be all that stands between your business and complete disaster. In this article we’ll look at what cover your business might need, with help and advice from the experts at Kingsbridge Insurance.
If you don’t already have insurance, or are looking for a comparison quote, you can contact Kingsbridge (contact details below). Mention you were introduced by Orange Genie and Kingsbridge will apply an exclusive discount to their insurance packages.
Why your business might need insurance
The short answer is that you need to cover your business against the risks of doing business in your sector. These risks will be vary depending on what you do – for example a contractor doesn’t have any stock or products that could be stolen or damaged, but they are liable for the advice and services they offer their clients, and any financial loss mistakes might lead to.
Whatever business you’re in, there will be risks that you need to cover.
What insurance your business might need
Depending on the kind of business you’re running and the sector you work in, there’s a wide range of cover that you might need. Here are some of the more common types:
Professional indemnity - covers you if you are accused of professional negligence, making an error or omission, or giving bad advice which results in your client losing money.
Public liability - provides cover if someone is injured or property is damaged as a result of your actions whilst supplying services. Whether you are on your own premises, in a public place or at a client’s site, you have a duty to protect anyone who might be affected by your activities.
Employers’ liability - provides protection against claims from employees. It is compulsory for almost all UK businesses. Regardless of your set-up, this is often insisted upon by clients who may require you to comply with a standardised contract.
Business buildings insurance - Whether you work from home or have separate business premises such as a shop, office, or pub, business buildings insurance should be a priority. If you rent the premises, make sure to check with your landlord to see what’s already covered.
Business contents insurance - You can also protect the contents of your business premises, your business equipment and tools. If these are damaged, destroyed, lost or stolen, this cover will pay the cost of replacements or repairs.
What to consider when looking at insurance policies
Before deciding to purchase a particular kind of insurance, it’s important to make an objective assessment of the risks to your particular business, so you know what cover you need and what you’re willing to invest in it. During this assessment, you might want to consider:
Does your occupation require specialist cover?
What levels of cover are required by your contracts with clients or business partners?
Do you need cover to protect you from potential mistakes made in previous work?
Have you considered personal protection such as personal accident cover?
If you would like to enquire, learn more, or discuss the benefits to holding business insurance – please contact our dedicated account manager at Kingsbridge, Rebekah, on 01242 335434 or Rebekah.humphries@kingsbridge.co.uk.