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Don’t Take the Risk – Get Your Business Insured


Quite simply – every line of business needs insurance. Whether you’re the owner of a small niche shop or working in a large corporate company, your business will be exposed to a range of consequential, disastrous risks. Without Insurance these risks will not be kind to you. All businesses differ and, as a result, every business requires different insurance. It is the choices of insurance that will decide the fate of your business so don’t take risks and end up being a victim of the law – obtain suitable protection before things turn sour.

Insuring your business is not only following the rules of the law but is also advantageous for you, your employees and your customers. By acquiring a distinguished level of cover, you are highlighting that you are a respectable business who understands the responsibilities surrounding your field. You will then be absolutely prepared for all situations you may come to face, whether this is a member of the public making a claim against you, property damage as a result of natural disaster or a theft, your liabilities will be covered.

Firstly, evaluating your business is crucial in order for the insurance firm to provide a tailored solution to meet your particular requirements. The regular type of insurance for a business is Employer’s Liability Insurance. It is the criterion cover needed for all business types and sectors and needs to be obtained ‘before’ any member of staff is employed. UK law dictates that all businesses must have Employers Liability cover; you could potentially be fined thousands of pounds for each day that you are not covered. This will cover you legally for illness, injury or death as a result of their work, as well as giving you (the employer) piece of mind – stress you could do without if you’re starting a new business. Depending on what your business offers, by law you may require further types of business insurance.

If your business is in exchange with the public or they are at all on your premises then you will need Public Liability Insurance. This class of Insurance protects any injury/damage claims made against you or your business made directly by the public. You may think that these type of circumstances are fairly uncommon but huge amounts of money is paid out every year in public liability claims, so don’t chance it.

Depending on the trade and location of your business the following insurance cover may or may not be of importance to you. Premises Liability Insurance is cover purchased by a homeowner to protect their business against any accident claims people may make when visiting their home. If you are starting up a small home-based business such as a salon then this is essential. This type of Insurance will safeguard you against any legal costs and damages.

Construction Insurance is another dependant and regular type of insurance. Construction sites can be extremely dangerous places, approximating a high risk of injury. This cover will not only protect you as an employer if any employees are injured but also against theft or damage of materials and equipment. There is a assortment of Insurance covers you may want to acquire if this is the field you desire to start a business in, such as joiner, carpenter and tradesman insurance.

Rebecca Woods regularly writes on the topic of business insurance and what covers particular companies require.