Business Insurance

As a business owner, you need to do everything you can to keep your business protected.  Whether you are a sole proprietor, you are a member of a partnership, or you have an LLC, having business insurance will keep your business financially protected in case problems arise.  While UK law requires you to carry a certain amount of business insurance, there are many options you may choose to have added to your policy in order to keep yourself better protected.

Fulfilling Your Business Insurance Requirements

Regardless of the type of business formation you have, UK law requires all businesses to be insured against a certain amount of risks.  Namely, you have to carry employers’ liability insurance if you have employees that work for you.  It is also a good idea to carry public liability insurance in order to keep yourself protected from liability when working with the public.  In many cases, however, you will not be legally required to carry this form of insurance coverage.

Employers’ liability insurance is provides you with coverage if one of your workers is harmed while on the job.  Having this insurance in place benefits your business, particularly if you have a small business, because paying out damages to an injured employee can bankrupt your business.

The same is true when it comes to public liability insurance.  Any time your business comes in contact with a third party – whether it be a customer, a subcontractor, or even a trespasser – your business can be found liable for damage if someone gets injured or if property is damaged.  Of course, some businesses are riskier than others and, as such, certain businesses may have to pay a higher premium for public liability insurance coverage.  Some of the businesses that are considered to be of a higher risk include:

• Cleaning Services
• Clubs
• Hotels
• Markets
• Pubs
• Resorts
• Security Services
• Shopping Centers
• Sporting Venues
• Theaters

Any business that provides alcohol to customers is considered within the higher risk category. 

Covering Specific Business Needs

When purchasing business insurance, it is a good idea to find a policy that is specifically geared toward your industry.  That way, you can be certain the policy provides you with the type of coverage needed within your industry.  Some of the specific types of business insurance available include:

• Homeworkers Insurance – designed for people who work from home and provide clerical or manual services.
• Office or Surgeries Insurance –designed for businesses that are premises based and provide professional services, such as doctors, real estate agents, surveyors, doctors, solicitors, and consultants.
• Professional Insurance – designed for non-manual labor businesses that provide a professional service, such as architects, business consultants, and bookkeepers.
• Property Owners Insurance – designed to provide coverage to residential or commercial premises and includes employer’s liability insurance and public liability insurance.
• Pubs, Inns and Restaurants Insurance – designed for businesses within the hospitality trade and provides coverage for theft and damage as well as employer’s liability, public liability, and business interruption coverage.
• Retailer Insurance – designed for businesses such as newsagents, grocers, florists, craft shops, and pharmacies.  This cover provides protection from damage and theft as well as public and employers’ liability insurance.
• Wholesalers and Manufacturers Insurance – designed for wholesalers and manufacturers and provides both employer and public liability insurance.

By selecting coverage that is geared toward your industry, you can be certain to have the amount and type of coverage needed to keep your business properly protected.

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