What is business insurance?
Accidents can happen in business.
When they do, you need to be prepared.
Imagine someone slips in your shop while you’re cleaning up and is injured. Or someone hurts themselves using a product you’ve sold them. Or your business is damaged by flooding.
In these circumstances you might be facing a hefty compensation claim from a customer. Or you might need money quickly to get your business back up and running.
Business insurance offers you a secure safety net, protecting you from unexpected claims and unforeseen accidents that put your business at financial risk.
It doesn’t matter if you’re a sole trader, a fast growing company, or an established global enterprise, if the worst happens you need business insurance to protect your interests, and secure your company’s future.
Protect yourself, your business and your family’s livelihood with a business insurance deal from Rigby Financial.
What type of business insurance can I take out?
The type of business insurance cover you take out will depend on the nature of your business, the work you do and how you interact with the public.
There are many types of business cover suited to different kinds of business, but most businesses we deal with are best served by all or a combination of the following.
• Public liability insurance - Defend your business from claims made by members of the public
• Product liability insurance - Defend your business against claims of injury or property damage caused by your products
• Employers liability insurance - Protect your business from claims of injury or accident by your employees
• Professional indemnity insurance - Protect your business from losses caused by defective work or poor advice
• Tool insurance - Cover the cost of replacing your essential tools if they’re lost, stolen or damaged
• Stock insurance - Help cover the cost of replacing lost, damaged or stolen stock
• Personal accident insurance - Cover yourself and your family’s financial stability in case you get injured at work
• Office insurance/ business contents insurance - Protect your workplace from unexpected events like loss or damage to equipment caused by theft, flooding or fire
• Online business insurance - Protect your online business from claims of injury or accident caused by your products, as well as cover the cost of replacing stock after a theft or accident
• Not for profit insurance - Tailor your business insurance around the specific needs of your non-profit organisation to keep you, your staff and your business assets safe
Why should you cover your business?
You never think you’re going to be facing huge compensation claims from members of the public.
Or that an employee might sue claiming injuries at work.
Or that your entire stock reserves could be wiped out by an accident like a fire or flooding.
But the reality is these things happen to businesses like yours everyday.
Without business insurance, you could face massive legal bills defending yourself from claims, face huge bills to try and replenish your stock quickly, or be forced to pay compensation.
Any one of these circumstances can end your business.
But with business insurance in place, you have the piece of mind that you’re covered against claims, legal costs and compensation payments so your business can continue when the worst happens.
Does your business have to take out business insurance?
If you have employees then yes.
In fact under the Employers’ Liability Act 1969 it’s a legal requirement to take out employers’ liability insurance regardless of whether your staff are full-time, part-time or even apprentices, contractors or volunteers.
Other than this it’s not required that you take out any other kind of business insurance, but wouldn’t you rather have the peace of mind that you’re covered if you need to be?
Contact us today for a free business insurance quote.
How much will business insurance cost?
Like any insurance policy your company’s business insurance cover costs will vary depending on your individual circumstances and the type or types of cover you’re thinking of taking out.
The size of your company and the industry you work in can also impact the cost of your insurance premiums.
However, most policies can be adapted around your business so you don’t end up paying a flat rate for an insurance package you don’t need.
Our team at Rigby Finacial can work with you and advise you on the best type of business cover you’ll need based on your needs and our experience of working with hundreds of other companies on their insurance needs.
We understand that your business is unique and we’ll help you find the best business insurance deal to match.
Create your business insurance policy
The first thing to think about when creating a business insurance policy for your business is what type of insurance cover your business needs, and what level of insurance you can afford.
If you have employees then you’re legally required to have employer liability insurance, but after that it depends entirely on your individual circumstances and needs.
Do you have an office, factory or do you predominantly work remotely?
Do you regularly come into contact with members of the public while working, or do they often come into your workspace?
What type of business tools or equipment do you have either onsite or with you during the day, and what risk does it face of damage or theft?
These are all considerations to think about before signing your premiums.
When it comes to covering your business it’s always better to be safe than sorry, but you don’t have to make this decision on your own if you think you’ll end up with cover you don’t need.
At Rigby Financial we’ve helped hundreds of businesses find the right type and level of cover to keep them protected from unforeseen circumstances without putting them under unnecessary financial strain.
Our specialist advisors are on hand to help you whether you’re a small business just starting out or have been in business for a while and are thinking about whether you could get a better deal.
Get in touch with us today for a free quote or to receive some no obligation advice on the best business insurance for you.