Do you know what business insurance you need? There is a range of insurance available to you, some which is required by law and some that isn't an absolute requirement but still needs to be considered. If you are taking on staff, for example, the law says you must have employers liability insurance in place. Some of your clients may also insist you have insurance such as Professional Indemnity in place before they will consider doing business with you. Here are the types of insurance you should consider:
Professional Indemnity Insurance
PI insurance is a mandatory requirement for some professions (law, accountancy and architecture for example) whilst anyone who offers professional advice to their clients should consider having it. Do check through the policy before purchasing so you are clear on the excess (if any) that you would have to pay in the event of a claim, along with ensuring that it covers you retrospectively for previous work. PI is often a requirement for tendering for any large company or governmental contracts.
Public Liability Insurance
Public Liability covers you against claims for injuries to members of the public as well as damage to property which belongs to another business or individual. Do customers and suppliers visit you at your business premises - whether that is an office or at home? If so, consider purchasing Public Liability Insurance. Whilst cover of £1 million should be sufficient for the majority of small businesses, do check if a potential customer stipulates a higher level of cover is required before they will award you the contract.
Employers Liability Insurance
Be aware that employers liability is a mandatory insurance if you take on staff.
Other types of insurance
You should consider if you require other types of insurance for your business, depending on the nature of your work. Office contents insurance, for example, particularly if you have a standalone office. Cyber insurance is another consideration for those who deal with sensitive data or are working with client databases.
All of these covers are available as options when you purchase cover through our website. Each option will appear when you go through the quotation process. Good luck!