Archive for the ‘Commercial Insurance’ Category
What Form Of Business Insurance Cover Do You Need
With the number of people trying to get themselves set up in business each year numbering in the thousands, there is inevitably more and more people who need to get some form of business insurance policy. It is of vital importance that anyone starting up in business ensures that they take out the correct level of cover. It is not exactly ideal to take out cover that your business wont ever need but alternatively, you should make sure that you dont miss taking out cover and then finding out you need it when it is too late. We have highlighted below the main variations of commercial policies, hopefully this should help you when you are making your decision about what to go for.
Commercial Property Cover.
As you can probably guess, this policy will give you cover for your business property and contents. This cover gives you protection against all company property whether that is for fire/water damage or the theft of money. You can also make claims against loss of business as a result of any damage.
Public Liability Insurance.
With this type of cover you are protecting yourself if any of your customers are injured or have an accident while they are on your premises. This can be the most important cover because if one of your customers has an accident on your premises then there is a good chance they will make a claim. In the event of this happening, if you find yourself with inadequate cover then you could be left with a huge bill to pay the claim.
Employers Liability Cover.
This cover is very similar to the above other than the fact that it is providing you with cover in case any of your workers are involved in an incident at work. Again, this is an extremely important cover as there is always a chance of someone having a fall and you don’t want to be left to foot the bill when they make a claim against you.
Product Liability Insurance.
If you take out this form of cover then you are protected if any of your customers is injured by one of the products you sell as a result of a product defect. Different companies will have different needs and this policy may not be necessary for some. If you are involved in selling items such as clothes that have a very small chance of leading to injury then you may not need to take out this cover but it is wise to consider it anyway.
If you are unsure about any type of business insurance then always check with your broker and they will be able to give you all the information you need.
