Public Liability Insurance and Small Business Cover
Insuring your business is simple. With a full range of small business cover including professional indemnity insurance, employers liability, public liability and insurance for over 500 trades and professions.
A Beginners Guide
What is small business insurance?
The idea behind small business insurance is to purchase cover for unforeseen risks that you wouldn’t be able to pay out of your own pocket should they arise. You typically pay a monthly payment for this coverage, what coverage this is depends on individual needs and requirements. Most common risks that come to mind are things such as theft, fire and damage. Yet there are other insurance covers you might want to consider such as personal liability, employers’ liability, professional indemnity or, in some cases, product liability insurance.
If you own or run a small business, you will most likely need to take out an insurance policy that covers you for at least theft, damage and third party claims against.
Third party claims against your businesses
Commonly known as public liability insurance this cover is ideal for dealing with any claims resulting from legal claims against you. As a business owner you are responsible for the safely of everyone on your premises. if someone should get injured on your premises whether it is staff of visitors, they might file a claim against you and it may well end up in court. This will incur legal fees on your part and if the case is awarded to the person complaining you will have to pay them a fee in accordance with the courts ruling.
You may even end up having to sell your business in order to find the money. Public liability insurance offers you cover in just such an event. What you need to pay each month will depend on what type of business you run. A specialist insurance provider will be able to assess your needs and advise you accordingly.
Small business insurance packages
Your business may well require a variety of different insurance polices in order to cover all your risks and this can be confusing, yet there are business insurance packages that can be put together to suit your requirements perfectly, under one insurance cover. You have the ability to choose from a host of individual insurance covers such as:-
- Business Contents Insurance
- This cover will typically make sure that you are covered for any losses and damages of stock, machinery or office equipment such as computers.
- Employers Liability Insurance
- This insurance offers you cover against staff compensation claims arising from either injuries incurred during working hours or for illness that have developed as a result of the working environment.
- Legal Expenses
- It is not uncommon for a business to find them involved in legal disputes such as employee tribunals or issues regarding tax, for example. This insurance will covers legal costs incurred in defending your business.
- Professional Liability Insurance
- If your business falls in the category of consultancy or you provide a profession service such as design work you might need this type of cover. Professional Liability Insurance will cover you claims that may damage your professional reputation.
- Product Liability Insurance
- This cover allows provision for companies that produce, make or repair items and covers such things as defects or any other issues that might arise relating to the product.
Getting the best cover for your business
Most small business owners may look at insurance cover as yet one more overhead, yet when you consider what is at risk if you don’t have insurance, you may consider it in a different light. The question “what is small business insurance” is dependant on your business needs and individual requirements.
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