Every business, large and small, needs to have business insurance. If you employ staff, even if you only employ one person, then it is the law that you at least carry Employers’ Liability insurance with the minimum level of £5 million of cover.
As a business owner, when you are sourcing insurance policies to protect your company, it isn’t always best to favour the lowest premiums on offer as the level of cover may not be adequate for your requirements. Here are five ways business insurance can help you thrive.
Employee Protection
Employers Liability insurance is required by law for all businesses that employ staff. It will protect you in the event one of your employees suffers an injury or illness during the course of their work and brings a claim against your business.
Asset Protection
In the event of a fire or flood damage to your business premises a comprehensive business insurance policy would respond by helping you to continue trading while you get your business back on its feet. The right policy would also help cover the cost of replacing any damaged business equipment.
Customer Protection
Aside from protecting your business, carrying business insurance could also protect your invaluable customers. Typical insurances a business will benefit from include; Property Insurance, Business Interruption and Liability Cover. You’ll additionally need product liability insurance if you sell products.
Public Liability insurance will protect your business in the event one of your customers trips and falls over on your premises, injuring themselves in the process. Should they then bring a claim against you for damages your insurance policy would respond to cover you.
Legal Protection
With a comprehensive business insurance policy, you are reassured that whatever claim is brought against you, your business insurance will respond and help you cover any costs resulting from it. One of the most popular freelancer and contractor policies is Legal Expenses Insurance. You can insure yourself against most instances where legal costs and expenses are incurred, including:
Employment disputes, Employment compensation awards, Property and landlord tenant disputes, Criminal defence, Tax protection, Regulatory compliance, Statutory licence appeals, Jury service and court attendance, Employment extra protection, Identify theft protection and Contract disputes.
Credibility
Although the only business insurance required by law is Employers Liability cover, carrying other business insurance policies such as professional indemnity insurance and public liability cover will help add much needed credibility to your business.
In the modern litigious world, most companies that procure the services of other businesses will insist on their suppliers being comprehensively insured including professional indemnity and public liability insurance. Without having insurance in place, you run the risk of being overlooked for lucrative business contracts.
