4 Types Of Insurance You Should Consider For Your Business
As a business, there are many different types of insurance that you need to be aware of. The types of insurance you have will differ depending on your business, but it should be a priority to make sure that everything is covered that needs to be!
Employers Liability Insurance
The first type of insurance that every business needs to have is employers liability insurance. This is a type of insurance that protects businesses against legal and compensation expenses from employee claims, for example if an employee gets injured or becomes ill as a result of work. This is a legal requirement for many businesses and regardless of this, protecting yourself as a business incase of events like this should be a priority!
Commercial Property Insurance
If you own property as part of your business, then you will need to invest in commercial property insurance. This protects your property against fire, theft and natural disaster, depending on the exact cover your business needs. You are going to need both actual buildings insurance as well as contents, so that everything has appropriate cover!
Should the worst happen, your commercial properties need to be sufficiently covered. This isn’t a legal requirement, but if anything were to happen to the premises, you’d have to find the funds to cover it, which could stop operations for a significant amount of time. Having commercial property insurance is the best way to prevent this happening!
Trade Credit Insurance
If you trade on a credit basis, credit insurance will provide cover if the people who owe money for services or products fail to pay. This may cover the whole turnover of a business, a specific high risk account or a portion of the costs. This provides much more financial security for a business, for both domestic trade as well as international trade.
This type of insurance is complex and every business will need slightly different cover, so it is best to work with credit insurance brokers, as they will be able to make sure you have the right cover. Also, claiming can be an extremely time consuming and difficult task, but when you work with insurance brokers, they will be able to do the work for you and handle the stressful claiming process. You won’t find yourself speaking to lots of different customer service people who you need to catch up on your situation every time, but you can call your trusted broker who will be able to help!
With trade credit insurance, you will be able to take greater financial risks, as well as protect your business in general.
Professional Indemnity Insurance
Last but not least, we have professional indemnity insurance, which covers the cost of compensating clients for losses or damages as a result of negligent services or advice as a result of the mistake of an individual or business. This is provided by specialist insurance brokers who will help to make sure that you have the right cover for your business specifically, with custom policies to meet your specific needs.
Although investing in insurance for your business can be costly in some cases, it is absolutely essential and a tiny fraction of the cost you would have to pay should you not have any insurance and any of the things discussed above arise. Working with brokers is always advised to make sure you get the right cover, and they will also help you to claim should you ever need to!