The Different Types Of Business Insurance


There are so many different types of business insurance to choose from, how do you make the right decision? Whether you choose a top of the range insurance policy that covers everything, or the lowest budget policy, some business insurances are required by law. The very minimum insurance required is insurance against risks to third parties. However it is recommended to obtain extra insurance to protect the business. Below is a list of policies you can obtain to ensure maximum protection to your business:

• Employer’s liability insurance – this is a requirement by law if staff are employed to work for your business. Employees are covered against injury, illness or disease obtained during time of employment for a minimum of 10 million pounds.

• Public Liability – To cover the cost of any damages, accident or illness contracted by anyone other than the employees. Public liability all covers the cost of any damage caused to any other property by the company.

• Product Liability – Any faulty product produced by the company that causes damages or injury is protected under the product liability policy. This is a very important policy to have if you are in the manufacturing business.

• Professional Indemnity – It is highly recommended that all businesses that sell ‘intelligence’ or personal recommendation services purchase professional indemnity policy. This policy protects the business against the actions of client’s complaints.

• Keyman Cover – This is an ideal policy for small businesses with a small number of key people. The policy does not replace an employee but can provide support to help reduce the problem.

• Business Interruption – Any damage caused to your property will disrupt the business causing financial problems. Business Interruption helps to support the business financially by taking care of any loss caused and any extra costs.

• Goods In Transit – Any goods that are lost, stolen or damaged during transit are protected.

• Property and Buildings – Fire, lightning, malicious damage and floods are just a few of the events protected against with property and buildings insurance. All insurance policies vary and will differ, providing property and buildings insurance against other events.

• Business Assests and Equipment – All stock must be insured for the value you bought it for and not the profit value. Many insurance providers insist on an inspection by a qualified engineer on several plant items such as lifts and lifting machinery. This is also a requirement by law.

A good insurance policy is key to a successful business. Make sure you fully research all types of business insurance available to ensure you obtain the most suitable policy for your business requirements.

All types of business insurance policy is available at Specialistrisks

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