What Types Of Insurance Does Your New Business Need?
When you set up a new business, you’ll need to protect it any way that you can. One of the things you should do is to insure your new company.
There are lots of different types of insurance, and while you won’t need them all you will certainly need some. Some types of insurance are legally required, so you need to work out if it’s compulsory for your business to have them. Other insurance policies are recommended, so while you might not strictly need them, they are a good idea. Read on to find out what you have to have and what you should consider having in addition.
Almost all businesses need to have some level of liability insurance. Employer’s liability insurance is the most common form, and you will need it if you take on any employees. If your business is structured as a limited company, it’s a legal requirement for you to get this type of insurance first. It protects you in the event that any of your employees becomes ill or injured. The law requires you to have at least £5m of liability, which will keep you safe from claims for work-related illness, accident, and death.
Any company that owns a fleet of vehicles will need to insure their motors for the road. Many people might think that their current policy covers them for a company car, but it’s likely they need separate cover for work. Of course, a business with heavy-duty vehicles such as trucks will need to make sure they have the best insurance, and it helps to tailor it. You can look at http://www.truckinsurancecomparison.co.uk/Tipper-Insurance.html for an example. Some policies are geared towards a particular type of vehicle and their different purposes. If you transport goods, you may also need to cover whatever it is that you deliver.
Public Liability Insurance
Public liability insurance isn’t compulsory, but it is highly recommended for most businesses. It will protect you against damage to property or people that you come across during your line of work. It’s essential to have it in some industries, as many clients won’t deal with a company that isn’t covered.
If you provide a professional service, indemnity insurance can be a lifesaver. It can help to protect you if someone makes a claim for compensation based on advice or a service you have provided to them. If you make a mistake during your work and it causes a loss to your client, this type of insurance can prevent you from losing a lot of money.
Anyone who owns a physical shop where they keep their stock should insure it to cover them in the event of an incident. You can make sure that you’re covered for loss or damage of stock from things such as burglary and disaster. You might also be able to insure your business for loss of earnings if trade is interrupted.
There are many other types of insurance your business could consider, depending on what you do. Property owners might need landlord’s insurance, and you might consider tradesmen’s insurance too.
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