A Guide to Business Insurance 

An insurance policy is somewhat of a necessity today, what with life becoming so unexpected. Especially, for businesses, insurance policy can be a business saver. A business faces so many threats daily. There can be mishaps, accidents, frauds, fraudulent employees, a sudden loss, dissatisfied customers and so on. Hence, it is always best to take suitable insurance companies for businesses, however small or big, they might be.

Different types of business insurance policies

As an owner of a business, you might be confused as to which to take and which to avoid. Here is a guide that can help you.

Public liability Insurance: This insurance will cover the damages that are caused to people who aren’t part of your business. That is if someone gets injured or some property suffers damages because of your company, then the Public Liability Insurance will protect you against such incidents. This will also cover accidents occurring at a construction site. Also, if a visitor to your office be it your customer, client, or just a rampant visitor trips and falls and suffer mild or serious injuries, you can use Public Liability Insurance to cover the claims made by the visitor.

Employers’ Liability Insurance: This insurance is in fact very crucial for any business as most of the businesses have few or many employees working for them. It is also compulsory by law that all businesses need to have Employers’ Liability Insurance. It covers all the employees, even part-time employees or those who work on contractual basis for a short period. It will cover illnesses, accidents etc. That means, if your employee falls ill, or gets injured while on work, you may end up paying a huge claim depending on how grave the situation is. Having Employers’ Liability Insurance covers such costs including the legal fees.

Property Insurance: Property, here, is referred to the tools you work with. It can be computers, machines and so on. It is not really possible to buy new equipment in the event of the current ones getting damaged or destroyed or stolen for that matter. This insurance also applies to your office, be it hired or if you own it.  When you buy property insurance, include all of your business equipment, even your chairs, tables, cabinets and cupboards. The point to note here that when you opt for it, ensure that the sum you are insuring should be either equivalent to the value of your equipment or even greater than it.

Professional Indemnity Insurance: This too is an important insurance. For example, you as a business are selling your skills or expertise to customers. You may be selling various products, or offering advice as a consultant. If a customer files a charge against your company or you accusing that they have not got the desired results from your product or advice or have received a faulty product, then you may end up paying a huge sum first in the form of legal fees and then for the claim. A Professional Indemnity Insurance protects your business against such charges.