What does business insurance cover?
If you are setting up a business there is a lot to consider from finances, business ideas, business plans and business insurance - it can seem like a minefield.
However, if there is one thing that shouldn’t be skipped on it is business insurance. Business insurance can cover you if the unexpected happens and can stop your business being hit with hefty bills for compensation or to put your business back together after an act of nature. But just what does business insurance cover?
Well that depends on what you need covered. Different businesses have different insurance needs so your insurance will differ from other businesses. But there are a few basic areas of cover.
Employer Liability Cover:
This will cover you for any injury or illness that your staff might get as a result of your business activities. So if a member of staff has a trip or a fall on your premises they could put in a compensation claim for loss of earnings, future loss of earning and if it is found to be your fault the NHS could even put a claim in. These costs could run into the thousands but on top of this it is a legal requirement to have Employer Liability cover in place if you employ staff and risk a hefty fine if you don’t.
Public Liability Cover:
This will cover you for any injury or damage to property as a result of your business activities. So for example if a customer slips on a wet flaw in your shop or restaurant they could put in a compensation claim which public liability cover would cover you against. Therefore, if you come into contact with members of the public in your business it important cover to have.
Professional Indemnity Insurance:
This is aimed businesses which sell their knowledge and skills. It covers against any claims that a third party makes against you if you have made a mistake or are even found to be negligent in any of the services you provide.
Property insurance:
This covers any loss or damage to your business property and assets
Motor insurance:
This covers your business vehicles and any property in them.
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