The insurance you will need depends entirely on the nature of your business. One thing for certain is that employers’ liability cover is a legal requirement for most businesses where there is more than one employee. If your business means you are in regular contact with members of the public, public liability insurance is imperative and if your business offers advice then professional indemnity insurance is another must have.
When choosing business insurance, you need to consider the type of work you do and what risks need to be covered. For example, is there a chance a member of the public or other third party could be injured by your business and put in a claim for compensation? Or could your business be faced with a claim from an unhappy client claiming negligence? Or do you need to insure the buildings, equipment and stock associated with your business?
Public liability insurance is completely necessary if your business is in regular contact with the public regardless of location. This means you will be protected against any potential compensation claims made by clients, customers or suppliers, whether this is for injury to them or damage to their belongings or property. Most shops, hair and beauty salons, restaurants, bars, builders and tradesmen you encounter on a daily basis will have this insurance. If you’re unsure as to whether this is for you, you can always check your client contracts to see if public liability insurance is a requirement.
Builders Public Liability Insurance
If you work in the field of building, builders public liability insurance is a must as this will help to protect the future of the business and therefore your future, against any potential accidents. Having the right builder’s public liability insurance is just as important as having the right tools and materials. When choosing the right insurance for you, be sure to choose one with high legal expenses cover and one with a 24-hour helpline as if something is to go wrong, you won’t be left in the lurch for days on end. Public liability insurance for builders will cover various situations such as damage to a neighbour’s fence when building an extension, a client tripping over one of your tools and injuring themselves, and accidental damage to your customer’s vehicle if it is splashed with paint or render whilst you’re working.
Of course, choosing the correct insurance policy can be daunting. Using a comparison website will give you a breakdown of the most used policies, along with their prices and what is covered. If you don’t have time to be scouring the net researching every insurance policy going, this is the most time-effective method for you and you will be covered in instant meaning there is no need to wait for paperwork to come through.