Some things are essential to any business. Great customer service, excellent products or service and business insurance. The latter is one that raises questions amongst aspiring and existing business owners with so many different options available.
There are many threats that the 5.5 million UK businesses may face and the right insurance can help when unforeseen circumstances occur. However, with so many insurances to choose from, you may want some help choosing the right one for you.
That’s where we can help. Our comprehensive guide to what type of business insurance you need will steer you in the right direction. Read on to find out more.
Why is insurance important for a business?
Before getting into what insurance you need, we think you may benefit from knowing why you may need it. This is because things can always go wrong with your business. Whether it’s theft, fire, flooding or employee injury, you must be prepared for the worst.
With so many things that can go wrong, however, you’ll find that there is a range of different insurances that you’ll need to fully protect yourself.
What type of business do I need to run my business?
Different problems require different insurances, so no matter the size of your business, you’ll need to make sure you have them all. Find them all below.
Small business insurance
This is specific for sole traders or small businesses with a low number of employees. With so many different issues for different industries, you’ll find yourself needing more specific insurance to support the things that may go wrong for you. For example, builder’s insurance will help to protect errors that occur on site.
Income insurance
Those that employ a team of staff will be responsible for paying their wages. If anything were to happen that hindered your ability to pay staff such as the ongoing cost of living crisis then this insurance can support you in your hour of need.
Employee’s liability insurance
This insurance will cover your staff should they fall ill or get injured whilst working for you. You are obliged to have this insurance as it will cover you if an employee brings a claim against you. These claims can cost businesses dearly.
Public liability insurance
Whilst protecting the people within your business is important, you must be wary of others that may be affected by your work. This is especially true for those working out in public spaces like roads or town centres.
Should you affect or injure a member of the public, you will need to help them through this difficult period and this insurance will help. This will cover damage to property, medical fees and compensation for pain and suffering.
