How It Works
There are a number of insurances you
will need to cover all of your assets from the possibility
of loss or damage and to also protect yourself from
any potential liability that may come from running your
business. It can be time consuming and quite expensive
to research and purchase each insurance separately,
so the alternative to this is to buy a packaged insurance
policy. A packaged policy is a product that offers the
most common insurances required to run your business
bundled together in one offering and the flexibility
to adjust the coverage to meet your specific needs.
By doing this, you know that the cover you have will
be comprehensive enough to cover the main risks that
could affect your business, whilst avoiding duplication
and overlap of cover. It is of course easier to manage
as you have a single set of documents, one point of
contact and only one renewal date, else keeping track
of many policies could prove something you could rather
do with out. Packages are quite often less expensive
as insurers will offer a better total premium when they
are providing all of your cover.
The following insurances are common, highly practical
and in some cases a legal requirement.
- Employers Liability Insurance –
If you have employees that are not your immediate
family, you must, as required by law, purchase employers
liability insurance. This will offer protection for
any liability arising from injury or illness that
the employee may sustain whilst they are working for
you.
- Motor Insurance - If you use a
motor vehicle for your business, you have to insure
at a minimum against third party liability by law.
You should also strongly consider extending your protection
to cover your motor vehicle from collision and theft.
- Public Liability - This will protect
you from any liabilities from a Third Party (other
than your employees) bodily injury or damage to their
property that may occur during the normal operation
of your business.
- Products Liability - This will
protect you from any liabilities from a Third Party
bodily injury (other than your employees) or damage
to their property that may occur from products you
sold or supplied.
- Material Damage Insurance - There
are several different insurances that are designed
to cover your various assets (building, computer equipment,
stock, or contents) from loss or damage caused by
various causes (fire, flood, theft or other disasters).
- Business Interruption Insurance
- This covers you from the loss of turnover or trading
profits from damage to your property that prevents
the normal operation of your business.
- Money Insurance - In specific circumstances
this will reimburse you for money that is lost or
stolen from the premises, your home or whilst you
are moving it to another location.
- Goods In Transit Insurance - Covers
you for accidental loss, destruction or damage to
goods in transit and the cost of alternative transport
if needed.
- Other Insurances For Your Business
- Other insurances may be considered a standard part
of an insurance policy for your business. If so, our
intelligent RFQ form will allow you to request the
appropriate insurance. These additional insurances
will be denoted by the question mark beside the line
item representing them. If you click on the question
mark, text explaining the insurance will be provided.
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Landlords
Insurance Guide
