The reason businesses need insurance is that unfortunately accidents do happen and when they do business insurance can protect the business and help you resume normal activities. Insurance can cover you against mistakes, accidents, damage, theft and more depending on your business.
Employers liability insurance is a legal obligation to have in the United Kingdom and will protect you against any employee claims. The health and safety of your employees should be of the utmost importance, accidents can happen and employers' liability insurance will protect them.
You need business insurance even if you work from home depending on the type of business you run. If you allow clients onto your premises then you should probably consider getting public liability insurance in case a client has an accident on your property. If you offer a professional service, handle client data or handle intellectual property then you may want to consider professional indemnity insurance, as this could be important for you.
When it comes to an online business, which since the pandemic a lot of businesses are, they face their own unique set of challenges. Again, the type of business you have will determine the coverage you need.
Britain and the world have been through their fair share of pandemics including the Plague, Spanish Flu and more, all of which have had effects on businesses both small and large. The most recent example of this is of course the COVID-19 Pandemic. Businesses up and down the country had to physically close shops, stopping trade altogether in some cases.
Business interruption insurance covers you for the loss of income during periods when you cannot carry out business as usual due to unexpected events such as a pandemic. The cover aims to help you put your business back to where it was before as if the event never happened. Most of the time pre-pandemic this would be due to a breakdown of equipment or damage caused to the premises, now a pandemic too.
When you set up your business it can be confusing knowing what insurance cover you need. If you have no employees then you will not need employers liability insurance, however, if you do feel like you will be getting employees in the future, you may want to consider adding it to your policy now. If you are unsure of how your small business will evolve, you can always add different covers down the line. Cover in the form of commercial building insurance is always important.
Some types of business insurance you are required to have by law include employers liability insurance, if your business uses vehicles then you are legally obliged to have commercial motor insurance and some businesses also require professional indemnity insurance too.
Insurance provides security and safety for any type of problem that you may face in life and part of why insurance is important is the financial aspect of it as well as the protection of your family, it will take away any unnecessary stress and will give you complete peace of mind if an accident were to occur for example.
When it comes to the future of your business one of the best ways to protect it is by having the proper insurance policies in place. Put your insurance at the top of your priority list as there is never a better time to do it than right now! Get in touch with one of our expert team members today to help you cover your business and protect your future.
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