So, why do you need business insurance? Well, the short answer is protection. There is, of course, a longer answer and several reasons that you need business insurance. We will look at the different types of business insurance and look at why they are important, and even point out which ones are a legal requirement.
Business insurance is there to protect you in situations where you could be facing liability or financial loss. The insurance covers you for various scenarios and depending on the type of business you have and the operations of your business, you might need to spend some time looking at the different insurance coverages. Boothby Taylor can take that headache away and help you get the right level of protection. Insurance is there to cover the cost of financial loss, lost income, business interruption, the business premises, the employees and visitors to your business, and more.
It doesn’t matter if you are a small business or large business or even if you work from home. You will need business insurance. The only variation is the type of insurance you need to protect yourself and your business in case the worst were to happen. So, what are the different business insurance policies you might need?
Employers’ Liability Insurance
For most businesses, employers’ liability insurance is a requirement by law. If you employ one or more members of staff, then you are legally required to have employers’ liability insurance. It applies to employees, apprentices, temporary workers, contractors, and volunteers. It is there to protect your business in situations where an employee raises a claim against you. The protection is for where the claim is due to an injury as a result of their work or because they became ill as a result of it. Find out more about Employers’ Liability Insurance.
Public Liability Insurance
While it is not a legal requirement, it is a good idea to have Public Liability Insurance. It protects you against claims from a third party, such as a client or member of the public who are injured as a result of your business activities. Get more information about Public Liability Insurance. Professional Indemnity Insurance Again, this is not a legal requirement but a good idea to have. Professional Indemnity Insurance covers you against the cost of claims and legal action taken against you for negligence or a mistake. Given the broad scope of claims that could arise including intellectual property infringement, defamation, loss of data, etc. it is a good idea to get protected. Learn more about Professional Indemnity Insurance.
Essentially, you need business insurance because without it, you, as business owners, will be liable for the legal costs, legal fees, and compensation costs that result from any claim against you. Even if you win the case you will still need to pay legal costs and foot the bill for fighting the claim. There are other insurance policies that you might want to investigate, for example, Cyber Security Insurance, Office Contents Insurance, and Buildings Insurance if you own the business premises.
Make sure you are protected and speak to Boothby Taylor today. We are a trusted independent insurance broker, based in Chelmsford, Essex. For over 20 years we have been providing commercial business insurance.