Protecting the company that you have spent weeks, months, or even years dedicated yourself to should come as no surprise. But when it comes down to sitting down and taking out a policy, you can be left wondering what is available, which one you need regardless and how many of them are actually relevant to your business type.
We have put together a simple guide for you to refer back to when establishing which business insurance policy will work best for you.
Professional Indemnity Insurance
This policy covers your company in any case that a client claims you have been negligent, committed malpractice or are breaching your contract. This is most definitely only relevant to some people or companies, whether it’s a B2B type or even lawyers, doctors and consultants that are working P2P.
General Liability Insurance
This is possibly the most popular policy that is taken out of a multitude of business types. This covers any bodily injury that may happen to a customer or client, property damage or personal injury. Accidents happen and you must ensure that you are protected when it does. This also may cover things like theft, which is important for any and all businesses.
Workers Compensation Insurance
This can come in many forms, but essentially it covers any medical expenses, lost wages, and rehabilitation. This would be a result of a workplace accident; this is something that most, if not all, businesses should have some form of worker’s compensation insurance. Look into relevant life insurance policies.
Commercial Property Insurance
Damage to your business property, including buildings, equipment, and inventory. This would also include protection from theft and break-in damages, which unfortunately happen to multiple businesses regardless of your level of security. You must ensure that you follow the insurance guidelines to be paid out of it.
Business Interruption Insurance
This form of insurance is great for those who are working B2B or even B2C in cases where your invoices are late, there is an interruption in the supply chain or something unforeseen. This might be credit insurance policies that you can take out.
Cyber Liability Insurance
This might be only relevant to businesses that have some sort of reliance on online or computers, such as office workers or tech companies. Hackers, data breaches and other digital threats are serious issues. We would more than recommend you take out this policy and more so if you are handling sensitive information from a personal and client perspective.
Directors Liability Insurance
Key man insurance is crucial in a company that is dependable on its directors’ skills that can’t be replaced quickly or maybe for a very long time. This policy protects your business from legal costs and settlements from accusations, among other things.
Final Thoughts
When it comes to finding a business insurance policy that aligns with your goals, it can come with some big questions but if you are confused, have a risk assessment and seek professional advice; they will be able to point you in the right direction. Personalised insurance policies are always possible and are a great way to ensure you are covered for your specific needs.
