Business Insurance: Protecting Your Profits
Being a business owner opens you up to all kinds of legal risks, and without the right kind of cover you can find yourself in serious financial and legal trouble. Insurance is not only a legal requirement, but a useful safety net to keep your business safe from bankruptcy.
The law
The most basic insurance policy you will require by law is Employers’ Liability insurance of at least £5 million. This policy protects you against the cost of employees’ compensation claims for any work based illnesses or injuries. For every day you have employees and aren’t covered, you can be fined up to £2,500, so it is essential you get this insurance before you hire staff.
More comprehensive insurance
Whilst you may have covered your legal benefits with Employers’ Liability, that should be by no means your only insurance policy. Other policies your business should hold are:
- Public Liability: protection against claims made by members of the public for injury and illness contracted on site, and the loss or damage of personal property on site
- Property insurance: protects against fire, theft and weather damage for the building and inventory
The more insurance your business has, the less you have to worry about unexpected payouts that could potentially sink your business. You should consider anything valuable in your business that you would like to cover.
The Insurance Store offers comprehensive insurance policies, covering all major and minor aspects of your business, including:
- Material damage
- Business interruption
- Book debts
- Money
- Goods in transit
- Vehicle cover
- computer cover
- Legal expenses
- & more
The value
Business insurance is a useful tool to prevent your company losing money, and you will find that almost all businesses will be required to make an insurance claim at some point in their lifetimes. Whilst you may be concerned that insurance premiums will be too much of an expense for a start-out business, you may be surprised at just how affordable comprehensive policies are, and if you were to suffer losses or damages to your business, you’d find yourself having to fork out much more than the cost of an insurance premium to repair the damage and get your business back on track. Businesses large and small have gone bankrupt from cases of not having sufficient insurance policies, so don’t put your own company at risk.
The Insurance Store holds specialist knowledge in the area of business insurance, and we have the expertise to help you get the best policy for your company, no matter the sector. Our professional and helpful team will be on hand to talk to you face-to-face or on the phone, and will discuss every option our insurance policies can cover, from material damage to legal expenses. For more information, contact us here and we’ll be happy to help.