What business insurance do I need?

business meeting

Here at constructaquote.com we understand the world of insurance, especially which business insurance policies you may require, can be a bit of a minefield.

That’s why we’re bringing you this guide which summarises some of the more well-known business insurance policies to help you make an informed decision about which ones may suit your needs.

Public liability insurance

Public liability insurance is not compulsory for most businesses however, it is still considered an essential cover for businesses that come into regular contact with customers, clients and the public.

It can help your business with claims made by clients or members of the public who suffer an illness, injury or damage to their property as a direct result of your business operations.

Employers’ liability insurance

It is a legal requirement under the Employers Liability (Compulsory Insurance) Act 1969, to purchase at least £5 million employers’ liability insurance if you have employees working for you. This includes volunteers, temporary workers and work experience placements.

It could protect you and your business from claims made by employees that become injured, suffer an illness or property damage as a result of their employment with you.

Employers’ liability insurance cannot be purchased as a standalone product and must be purchased alongside public liability insurance.

Professional indemnity insurance

Professional indemnity insurance is not compulsory however it could also be considered essential to businesses that offer advice or legal services, from claims which could arise as a result of negligence, error, emission, breach of confidentiality or loss of documents.

Trades that could benefit from this type of policy include accountants, architects, business and marketing consultants and many more.

Plant & materials insurance

Businesses in the construction industry may require tools or machinery to carry out their business activities. If this equipment were to become damaged or stolen, a plant and materials policy could cover the cost of replacement and rental charges for each day, if plant and tools needed to be hired in.

Shop insurance

If you own or rent a shop, there are a number of potential risks that could require cover.

A shop policy could include a number of different policies including public and employers’ liability insurance, buildings cover, stock and contents cover against fire, flood and theft and also money and business interruption cover which could protect your business against loss of income due to unexpected occurrences which prevent you from trading.

Restaurant insurance

Running a restaurant can include a number of risks as it can be an extremely busy environment. You may wish to protect the business as a whole from any incidents that arise as a result of an accident, injury or even a disaster such as fire, flooding or theft.

A restaurant insurance package could include public and employers’ liability insurance, building, stock and contents cover, business interruption cover and also cover for money and glass.

Pub insurance

Owning or running a pub holds substantial risks due to its nature and environment.

Pub insurance can include cover for claims made by members of the public and employees with public and employers’ liability insurance, buildings and contents cover and personal assault at work can be included on request.

Van insurance

Just like car insurance, anyone who uses a van as part of their work is legally obliged to have the appropriate vehicle insurance as mandated by law.

The levels of cover vary from Third Party Only, Third Party Fire and Theft and Comprehensive cover.

Goods In Transit

Effective for protecting tools and materials whilst in transit. A goods in transit policy can ensure that goods including tools, materials and stock, are covered for any accidental damage or theft that could occur whilst in transit.

Courier insurance

This type of policy may be beneficial for those that handle other people’s packages. Courier insurance can cover goods against becoming lost, stolen or damaged whilst in transit.

It can also include public and employers liability insurance if requested.

Haulage insurance

This type of policy again may be beneficial to those who handle other people’s packages but generally larger parcels or goods. A Hauliers Choice package can protect your business against lost, stolen or damaged packages.

If requested, it can also include public liability insurance, employers’ liability insurance and goods in transit cover.

Fleet insurance

Fleet insurance can allow business owners or individuals to insure multiple vehicles under one policy. This is beneficial to those with 3-10 commercial vehicles/vans.

Discounts may also be available when insuring more than three vehicles.

Landlord insurance

Landlords are responsible for insuring any properties they let. As there are various risks affecting landlords, adequate cover could be considered a necessity.

Landlord insurance could cover the building and its content. If you wish, it can also include accidental damage and loss of rent cover in addition to public and employers’ liability insurance.

Office insurance

An office is a busy environment where many staff and members of the public can come and go. As you may have already gathered Employers’ liability insurance is a legal requirement and due to the fact it cannot be purchased as a standalone policy you may likely require both public and employers’ liability insurance.

Unexpected incidents within your office can be severely damaging, this is why an office package could include building cover, business interruption, computer breakdown cover and even employee dishonesty.

Want to find out more? Speak to one of our dedicated insurance executives on:08081686868.