What you need to know about business insurance

Business insurance – overview

FIRSTLY, CONSIDER YOU LEGAL REQUIREMENTS

Do any of your contracts stipulate any limits or requirements from the insurance cover you buy? For example a contract may state that you have £10 million Public liability cover, each business is unique so please get in touch with us for free advice on 0345 604 3352.

PROPERTY INSURANCE

When arranging property insurance it is very important that you ensure you are not under-insured, as this could lead to problems if you have to make a claim. All policies will have a clause called the ‘average clause’ this can reduce the amount paid for a claim by the percentage you are under insured by! So it’s essential you work out the total value of all of your property.

PUBLIC LIABILITY 

The standard policy will offer Public Liability for £1 million but you can extend this to either £2, £5 or even £10 million if needs be. You need to take into consideration all the elements of your business and ensure you have the correct level of cover.

PROFESSIONAL INDEMNITY INSURANCE

If you provide advice to your clients / customers you will need to have professional indemnity insurance. This will cover you if the advice you give causes a client to suffer a financial loss and they make a claim against you that you would not be able to pay. Again, you must carefully consider the level of cover you need based on the potential damage any incorrect advice could cause.

EMPLOYERS’ LIABILITY INSURANCE

This is straight forward, put simply if you have employees you are required by law to have employers’ liability insurance. This will protect your business if an employee is injured whilst at work and makes a claim for the injury against you. A limit of £5 million is required by law but higher limits are available if you business needs it, once again contact us today for free advice on 0345 604 3352.