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What is business insurance?
Running your own business can provide financial and personal freedom. However, if anything goes wrong, you could be left seriously out of pocket. There is a range of different types of business insurance available. Depending on what sector your business operates in, you can take out an insurance policy to give you and any employees peace of mind.
What does business insurance cover include?
There are many different types of business insurance policy. As all businesses are different, make sure that you arrange cover to meet your specific circumstances.
Running a business will often mean coming into contact with members of the public. If during the course of business you accidentally injure someone or damage third party property, public liability insurance will cover your costs. Many suppliers may insist on public liability insurance being in place before they will deal with your business.
If you employ members of staff, even part-time, you must make sure to have employer’s liability cover in place. If a current or former staff member brings a claim against your business – for example for unfair dismissal, or injury – this type of cover will cover the costs. The minimum level of cover required is £5million.
Business interruption insurance
If for any reason you are not able to operate your business, this type of policy will cover your essential outgoing costs to protect you against losses while you are not able to work.
Key man insurance
If your business relies on a particularly skilled employee, if they are unable to work for any reason, it can leave you exposed to the risk of loss. Key man insurance allows you to cover against this loss.
Buildings and contents insurance
It is a good idea to make sure that your commercial premises, and/or any stock you hold are covered. In the event of theft, or damage due to unforeseen circumstances like fire or flood, this type of insurance can help you get back on your feet quickly and minimise the effect of any losses.
Professional indemnity insurance
Depending on your line of work, you might benefit from taking out professional indemnity insurance. This protects you against claims arising if a service or product you sell has led to a loss by a third party.