There are a number of different types of cover that you need to purchase if you run a small or large business, and the purposes of each can be quite difficult to understand. Do you really need one if you have the other? Are there some that better suit your needs and are others fairly redundant within your line of work? It’s vital to make yourself aware of the cover you require and, if your businesses is already insured, whether there are any gaps in your cover that may negatively affect you in the future. Rigby Financial are specialists within the world of insurance. Here, they explain the differences between two of the most commonly required types of insurance policy within the business sector - liability insurance and property insurance - to help you understand what you will need to purchase to ensure that your company is legally protected.


What is Liability Insurance? 

One of the most common and important types of cover, liability insurance comes into play if an incident occurs during which someone else - a third party or an employee, for example - loses money due to factors that are technically your fault, or the fault of your company. This includes legal disputes with settlements either in or out of court.

What is Property Insurance?

Property insurance is another common type of policy, which relates more to the things you own. If any property belonging to your business is damaged or lost during an incident, property insurance is the cover that helps you pay to replace or fix those items.

Why Do I Need Both?

Neither liability insurance nor property insurance is actually mandatory under UK law, though if you apply for grants or loan, it’s often required by the funding body that you have at least one of them. While you are not breaking the law by failing to purchase these types of cover, you will be putting your company at significant legal and financial risk if you decide against obtaining them. These two types of insurance are particularly useful to businesses because of the work in tandem if an incident occurs. Your business and its assets will be safely covered by property insurance, while employees, contractors, members of the public and other third parties will be protected through liability insurance. Without one or either, your company could incur significant expenses through legal bills and payouts, and, depending on the size of the business and the severity of the incident in question, could end up severely in debt or even bankrupt.

How Do I Obtain Liability Insurance and Property Insurance?

Luckily, most legal and financial specialists who offer business cover will be able to provide you with both these type of insurance for free. Many factors of each type of cover come as part of a policy package, but there are other more specific elements that are treated as add-ons - so, when you find an insurance broker that you are happy with, it’s extremely important to discuss your business’s individual needs with them so that they can tailor an arrangement that offers you watertight insurance that suits you, your employees and contractors and any third parties.

Can I Purchase Liability Insurance and Property Insurance from Rigby Financial?

Of course. Rigby Financial offer specialised business cover for property insurance - including landlord’s insurance and commercial building insurance - alongside excellent liability cover which sits within their comprehensive range of business and employee protection policies. Their experienced insurance brokers also specialise in transportation, marine, cargo and other vehicular insurance, motor trade insurance, retail, shop and office insurance, surgeries insurance, pubs, restaurant and hotel insurance, management liabilities, group personal accident insurance, business travel, tradesman insurance, professional indemnity, directors and officers insurance, cyber liability insurance, computer insurance, cover for residential care homes, credit protection insurance, manufacturing and construction insurance, commercial combined insurance, manufacturing insurance, contractors all risk insurance and engineering inspection and insurances, as well as multiple areas of personal cover.

If you’re interested in finding out more about what they can offer, all you need to do is get in touch today on 01744 886077, email or fill in the handy contact form that can be found here on their website. Rigby Financial’s offices are open from 9 am to 5.15 pm from Monday to Friday, so don’t hesitate to contact them today and find out exactly what they could do for your business.