What Types of Insurance Does my Business Need?

The months leading up to the launch of your new company are always exceptionally exciting, and also quite fraught. If it’s the first time you’ve ever started a business, it can be difficult to work out what to do next or whether you’ve overlooked anything that may end up being crucial a few months or years down the line. One of the most important aspects of your company’s development is insurance. It’s in your best interests to arrange as much relevant cover as you can at as early a stage as possible within the process to make sure that your business is protected for its entire life. So, what are the types of policy you should be looking into for your company? Many of the products below are not mandatory, but the more you purchase, the safer you will be.

 

Public Liability Insurance and Personal Accident Insurance

This is one of the most vital types of cover you can purchase in order to ensure that you are covered in the case of an injury or death. If you work with members of the public or have a customer facing aspect to your business, you should definitely acquire public liability insurance. Personal accident insurance, on the other hand, can cover employees and staff and ensure that you can compensate them for medical costs and any income lost as a result of an injury.

Employers’Liability Insurance

This type of cover is legally required in the majority of cases, as it covers you for an amount of compensation you may need to award any employee that becomes ill or injured as a result of working for you.

Corporate Liability Insurance

Corporate liability insurance provides financial security, covering the funds you may require to defend yourself and your company in court should your company or its employees be found responsible for actions, (or instances of inaction) that could be deemed unlawful.





Professional Indemnity Insurance

If your company offers a service or works with clients on a consultative basis, there is always the possibility that a mistake could be made, whatever your employees’ level of care and expertise. Professional indemnity insurance ensures that you are covered for any legal or compensatory costs that may arise from this.

Stock Insurance / Product Liability Insurance

If any of your stock or products become damaged or stolen when being stored or moved on or off your premises, acquiring stock insurance means that the cost of replacing items. Product liability insurance, on the other hand, covers any compensation you may be required to pay if a customer is injured by any of your products.

Business Interruption Insurance

As the name suggests, this type of insurance covers you for any loss of revenue that has resulted from the time your business has spent inactive due to damage. For example, if there was a fire or flood that meant you could not continue trading from your premises, a policy of this kind would protect you.

CommercialProperty Insurance

If your company operates from premises you either rent or own, it’s extremely important that you acquire commercial building insurance. Whatever kind of property you work from, there will be a type of policy that suits your needs within this umbrella. Commercial property insurance can cover everything from third-party liability - allowing you to compensate any individual who may suffer an injury on your site - to flooding, fire, vandalism, the cost of rebuilding your entire commercial property, nonpayment of rent should your business let out a building to tenants, malicious damage undertaken by tenants, and any loss of earnings resulting from periods of indemnity. Depending on what your broker can offer, you can also arrange for accidental damage cover and contents insurance, and policies can sometimes even be tailored to includes specialist equipment such as air conditioning units, glass displays, and windows.

 

Always be sure to check carefully with your chosen insurance specialist regarding exactly what is included in your insurance cover with every business-based policy you discuss, as there may be elements you require that are only included as optional add-ons.

If you’re interested in discussing your commercial or corporate insurance options - including comprehensive commercial property cover - with the experts at Rigby Financial, just call them today on 01744 886077 or send an email to enquiries@rigbyfinancial.co.uk.Their knowledgeable team will be more than happy to discuss the needs and requirements of your business with you, and can begin to work with you towards the creation of bespoke policies straight away.