Contributed article in our business series. Enjoy! – Kimberly
No matter what type of business you’re planning to run, there is a certain amount of risk that comes with having your own company. Even if you put all your effort into getting your business off the ground, there are all sorts of unforeseen circumstances that can arise, making it more important than ever to take out insurance. Whether you’re a small business or large organisation, keeping your company protected is crucial.
With that in mind, here are four types of insurance you should take out in order to ensure your business is protected.
Employers’ Liability Insurance
If you are employing others in your business you are legally required to take out employer’s liability insurance, which will ensure your employees are protected if they have a fall or are injured whilst at work. It’s important that you display your insurance certificate where your staff can view it.
Even if you don’t employ full-time staff or you only use temps or occasional hire staff, it’s crucial that you take out cover. If you don’t have employer’s liability insurance in place you can be fined up to £2,500 each day you go without it.
If you have independent contractors who do not work exclusively for you or they supply most of the materials and equipment to do their job, you may not need to take out insurance, but it’s always advisable to check and read up on the rules so you know where you stand.
Public Liability Insurance
Although not required by law, public liability insurance should be taken out, especially if members of the public visit your premises. Depending on your field of business, you may find that some companies want you to have public liability cover in place before handing you a contract. For instance, if you are attending a fair to sell your products or you want to hire a stand at a market some organisers may insist that you have public liability insurance in place before you can attend. Having such insurance will keep you covered for any damages claims, as well as legal representation.
If you own a commercial premises it’s important that you protect that property as you would your own home. Having a commercial buildings insurance policy in place will ensure that you’re covered for a range of damages that could strike your premises, such as a fire, flood, or theft. Although it’s not mandatory, it does make sense to take out building and contents insurance, giving you cover for your fittings and fixtures and any stock that you may hold in your premises.
If you operate company vehicles you should consider taking out fleet insurance. For example, if you provide your staff with company cars you could find that using a site like Quotezone to compare quotes for fleet insurance might save your business a significant amount of money compared with insuring each vehicle individually.
As a business owner, your main priority should be to keep your company and employees protected. While employer’s liability insurance is mandatory, you may want to consider taking out public liability insurance (if members of the public visit your premises), buildings insurance (to ensure your premises is protected in the event of a fire), as well as fleet insurance (if you need to insure more than one vehicle for your business). Having the right insurance in place will not only ensure your business is safe but bring peace of mind too.by