The Insurance that Your Business Needs
Employer’s Liability Insurance
If you have employees, then you must have employer’s liability insurance. It is a legal requirement and will cover you if an employee hurts themselves at work and decides to sue you or seeks compensation from you. You could potentially lose thousands of pounds through people claiming against you, so being protected against this kind of compensation could save you your business. You must purchase a minimum of £5 million worth of cover, if not more.
Public Liability Insurance
This protects you against people from outside of your business from seeking compensation from you. The first thought runs to someone tripping over in your shop, but it is equally applicable to an accident that occurs in your office. Public liability insurance could protect you from the cost of compensation and the legal costs of going to court.
It may seem unnecessary to your business, but if you think about functioning without the building that you work in, then you may find it quite difficult. From the equipment that you use to do your job, to the paperwork and even the money that you make, there is a myriad of things that could be housed within your property that you may want to protect from flood, fire or theft. Property insurance could offer you replacements and another place to operate from, should your claim be valid. Like anything that you might need to replace, such as car insurance, then you must not under or over value your property. Too much and it could be considered fraudulent, too little and you could lose out. Make sure you value your property as a whole rather than choosing what is most important.
Business Interruption Insurance
If you are unable to work, then you are unable to make money to support yourself. Business interruption could cover you for this period, if it has been caused by things such as theft or damage. This could be invaluable, and could help prevent your business from failing.
Professional Indemnity Insurance
This will protect you from the legal costs and compensation when a customer or client believes that your advice or knowledge has cost them money. This is particularly prudent for those in advisory or consultancy roles.
Motor fleet Insurance
Getting your fleet insured commercially is also an essential component of many businesses. Comprehensive cover for couriers, for those needing van insurance for logistics purposes and particularly for the self-employed worker without the backup of a company legal team is a must for anyone concerned with planning for every eventuality. Goods in transit insurance is a crucial aspect of this as well, as this is often covered separately to the main insurance section and may catch you out in the event of an accident. Most companies that cover commercial insurance such as http://www.skyinsurance.co.uk tend to offer most such subsections of insurance within their deals now, so you don’t have to worry about whether you’ve missed off a small but important section of the coverage.
So if you’re looking for excellent cover for your business, then take a look at Sky Insurance. They also offer a whole range of other insurance policies to cover you for every eventuality.