Good practice starts with prevention

Do you need business insurance?

The quick answer is YES

Running a business comes with everyday risks. If any of the potential pitfalls came to pass, your business could be seriously harmed. The right insurance is crucial for protecting your business. Insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs.

If you have staff, it's likely that?employers' liability insurance?will be a legal requirement – this is the only type of business insurance mandatory under UK law.

Types of insurance available for business

Accidents, mistakes, theft – business insurance can protect against all kinds of eventualities. These are some of the key types of insurance available in the market:

• Public liability insurance - which covers the cost of compensation claims following fault or negligence brought against you or your business by?clients, customers, shareholders, investors,?or?members of the public.
• Employers’ liability insurance- which covers the cost of compensating employees who are injured or?become ill through?work
• Professional indemnity insurance -Some professions are required to have?professional indemnity insurance?by their professional bodies or regulators
• Product liability insurance - this covers the legal fees and compensation costs if someone sues you for injury or damage. You’re likely to be liable to pay these compensation costs if you manufacture the products you sell, but you could also be liable if the products bear the name of your business or if you’ve repaired or refurbished them. You may also be liable if the manufacturer can’t be traced, has gone out of business, or is outside the EU.

Other specific types of insurance can be found https://www.comparethemarket.com/business-insurance/content/small-business-insurance

Different parts of an insurance policy

• Premium. An insurance premium is one of the most important places to look when choosing your insurance.
• Deductible.
• Policy Limits.
• Exclusions.

Things to consider before buying insurance

• Assess your insurance needs.
• Compare insurance policies.
• Choose a cover that you can afford.
• Evaluate the future of your insurance policy.
• Check the claim settlement history of the insurance company.

For any safety requirement needs www.safetybiz.co.uk