Home and property insurance is a must. It’s also something that can soon mount up and set you back a fortune if you don’t spend some time finding the right deal. If you have a team of staff, there are compulsory aspects to business insurance that ensures that your employees’ safety is considered. It’s also worth noting that even if you work from home, if you have clients visiting you, you’ll need insurance too.
Here’s a quick guide to some of the key things to consider:
Car and van insurance
If you’re using a van or a car for your business, make sure you make this clear when you pay for your insurance. Your occupation and your business’ level may affect the premium. It goes without saying that comparison websites are the way forward when choosing your insurance.
If you have a team of staff then it is vital that you opt for Employers’ Liability (EL) insurance. If you are a limited company you are required by law to have cover of at least £5 million. Avoiding cover can be costly, as you could get fined up to £2,500 for each day that you aren’t covered. Exemptions can be made for limited companies with just one employee, providing the employee owns half of the company.
These policies were designed to protect you and your business and so it is worth signing up as soon as possible. If an employee was to make a claim following an injury or illness at work, then you would need cover. EL insurance also means that if your business went into liquidation or receivership, your employees can make a claim.
Business premises insurance and content insurance
You’ll also need to look into business premises insurance to cover your property and contents insurance to protect your equipment and belongings. Make sure to check the terms of these to find out exactly what is covered and under what circumstances you are protected. For example, the main issues you may want to be covered from include theft, fire and floods.
Product liability insurance
If you manufacture or supply goods, you need to make sure you are covered in the event that your product causes damage to a third party such as a person or property. Even the smallest defects can lead to large claims, which could cause serious harm to your business. Look out for policies which protect you against safety claims, manufacturing quality, spoilage and indemnity costs.
Professional Indemnity Insurance
If you offer advice or professional services to other businesses, you may benefit from professional indemnity cover. This cam help protect you from claims made by clients who are dissatisfied or claim you made a mistake that has cost them money. Even if you haven’t done anything wrong, defending yourself can come at a cost and so professional indemnity cover can protect you and relieve the burden.