Public Liability Insurance
Public liability insurance is designed to protect your business in the event of third party claims being made against you, if anyone has suffered an injury or whose property has been damaged because of your business. If you come into contact with customers or members of the public, this cover should be seen as a necessity.
Employers Liability Insurance
This cover protects businesses with employees, in case staff are injured or become ill as a result of their work. As your business could be sued, employers liability cover claims for compensation, the legal costs of defending the claim, and payouts. If you have employees, whether part-time or full-time, it is a legal requirement that you have at least £5,000,000 of employers' liability insurance.
Business Buildings & Contents Insurance
If the worst were to happen, how would your business survive without the necessary equipment or premises to carry out your trade ? You can insure the contents of your business premises against damage, destruction, loss or theft. This policy will pay the cost of repair if any of your business possessions are damaged, or pay for replacements if lost, destroyed or stolen. If you own the building you work from you should make sure that it is protected with buildings insurance. You can insure your premises against damage to the building from disasters such as fire and flood. Often, landlord will stipulate in contracts the tenant is responsible for buildings insurance, so even if you do not own the premises, you may still be liable for arranging this cover.
If your business is disrupted with a loss or complete stop in trading, resulting in a loss of income and/or extra expenses, this insurance will compensate for short fall in revenue. Commonly, this is utilised as a result of your business property being damaged, destroyed or stolen.
Professional Indemnity Insurance
This aims to protect businesses that give advice or offer professional services. If your client loses money because of a mistake you've made, professional indemnity insurance covers compensation you or your business may be held liable for to pay to correct the mistake or cover any legal costs due to your negligence, bad advice, loss of data or breach of copyright.
Legal Expenses Insurance
If there is a risk of legal action against an individual or an institution as a normal part of their business activities, it is prudent to have legal expenses insurance, or LEI as it is often referred to as. The two main types are before the event insurance, and after the event insurance. This is something most commonly found in the legal industry or where work is carried out on a no win no fee, or deferred fee basis, however it is become alot more widespread across different sectors with the increase in events which trigger the need for legal action.
If you are a business that produces or supplies products to the public or to other businesses, should a defective product be supplied or used to fulfil a contract it is your legal liability to pay damages. It is a specialist insurance type, and is applicable to a whole host of business sectors. Generally, the manufacturer is responsible for damage or injury, however liability can be apportioned to a supplier if the manufacturer is no longer trading.
Key Man Cover
Providing short term financial help to help alleviate the strain placed on a business, if you are heavily reliant on a small number of individuals key to running your business and a key person is unable to work, this type of cover will work to keep your business going.
Goods in Transit
For businesses that transport goods or sends them by carriers, this cover will protect you by insuring the goods whilst in transit against loss or damage.
Tools & Equipment Insurance
If the worst were to happen, how long could you survive without the tools of your trade? This insurance covers physical loss, destruction or damage to portable tools, including plant and equipment, and trade materials. As your work tools and equipment are your business, without them you wouldn’t be able to do your job.
Personal Accident & Sickness
This cover is normally taken as an add-on to other insurances, and can cover a range of risks. Personal accident will typically cover you against accidental death, and there will also be lower levels of cover for events like loss of sight, loss of hearing or losing limbs. It gives you the added peace of mind that if you should suffer an accident, there will be some cover in place to help you financially. Sickness cover provides you with protection if you can’t work as a result of accident, sickness or involuntary unemployment, and will normally pay a monthly benefit for a maximum of 12 or 24 months. The benefit is paid tax-free and can be used to support you financially.