When starting a business, insurance is a word we cannot ignore. There are many types of commercial insurance available, depending on the nature of your business. One thing is for sure; your business will require some kind of cover and protection, a necessity in today’s world. Here are some of the types of business insurance available.
Public liability insurance
This is perhaps the most important of all, covering many things such as injuries to persons on your business premises. It also covers any injuries that might be caused by your product or service. A quick online search will reveal specialists in public liability insurance who can give you a competitive quote for all your business needs.
Employer’s liability insurance
If you employ people, you must have some form of worker liability insurance. This covers any medical bills that your employees might incur, plus any loss of pay due to injuries sustained at work. Even with simple work, accidents can happen, so your business needs to be covered for any eventuality. This also covers any compensation due to either death or injury sustained by your employees.
Business interruption insurance
This covers a wide range of situations that might affect your business. If your staff are unable to work in the office or factory for any reason, you will be covered by this insurance. This type of insurance is essential for businesses that operate from a retail or factory premises.
Product liability insurance
This is essential if you are in the manufacturing business and it covers you against any claim made due to your product. The type of insurance can be tailored to your specific products, giving you total protection. If a consumer suffered injuries they claim were caused by a defect in your product, the claim could be substantial and might result in your business having to close.
If you or any of your staff use vehicles while working, then you need comprehensive vehicle cover. Third party cover is cheaper, but only covers damage to the third party vehicle in the event of an accident. Comprehensive cover enables your business to continue without disruptions, with replacement vehicles provided when necessary.
Your business premises needs to be covered against damage caused by any natural disasters. It also covers signage, inventory and furniture loss. Some natural events such as floods and earthquakes require a special policy, and your broker will be able to advise you on this. As with all types of insurance, there are many variations, so you need to be specific about your needs. Certainly, you need to be protected against fire and theft, although an “all risks” policy is a much better solution.
Personal life insurance
If the owner of the business were to die, then a life insurance policy would ensure that the business could continue and family members would not have to bear the financial burden at such a difficult time. Life insurance is important for everyone, but especially the business owner, who has many people relying upon them.