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Business insurance
There are numerous types of business insurance available. That can make it confusing for companies seeking the most appropriate coverage for their operations. That’s where this guide can help.
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Getting the right cover
Business insurance provides your company with a layer of protection against potential losses. Compensation claims, assets damage, a natural disaster – you never know when a costly problem may arise during your organisation’s day-to-day activities.
Yet different types of business insurance provide different types of coverage. Knowing what coverage is provided is important to ensure you are safe from potential issues. To help clear up the confusion, below are three of the main types of business insurance and what they generally incorporate.
Public liability insurance
If you operate a physical business that interacts with customers or members of the public, it is imperative you get public liability insurance coverage. Without this form of insurance, your business could end up with a catastrophic bill. For instance, if a member of the public suffers an incident that has a direct connection to your business activities and they decide to make a claim.
Although public liability insurance won’t stop potential claims, it can help cover the costs associated with them. Ultimately, you never know when a mishap or mistake could occur. Your business activities might lead to the damage of a customer’s property, for example, or a member of the public could injure themselves on your premises.
Businesses of all sizes make use of public liability insurance. This ranges from global organisations to self-employed sole traders.
Employers’ liability insurance
For most companies, it’s not just customers and members of the public to worry about. You also have to account for employees. While you may not believe an employee would sue your business, it’s not something you can take a chance on. They could suffer a work-related injury, for instance, or they might develop an illness as a direct result of business activities.
Employers’ liability insurance supplies your company with coverage against claims from employees. Aside from being protected against compensation claims from a financial point of view, it is also a legal requirement to have this insurance in most cases.
Business premises insurance
When thinking about the other main types of business insurance, we cannot forget to mention business premises insurance. As you can likely gather from the name, business premises insurance assists with protecting the potential financial burden if your property becomes damaged. However, that’s not all. This insurance type can also cover the stock and equipment located inside and even any goods in transit that become damaged.
Whether you operate a café or warehouse, you never know when damage could strike and hamper your finances. An event such as a storm might rip a hole in your property’s roof, or you may be targeted by vandals. As well as the cost of repairing the premises to its former glory, you have to think about how long it will pause current operations – and how this can impact money coming into your business.
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