You should have business insurance, shouldn’t you? Well that’s a no-brainer, isn’t it? But there is no one size fits all business insurance and there are many types of insurance and many different policies and many different providers. So what types of insurance are needed? Here are 7 that everyone should consider.
Not only is it wise to insure work vehicles, but it is also a legal necessity in most places. But you want to make sure your policy covers business use and if you specifically have any modifications or specialist vehicles such as a truck with a grab arm. If you have many vehicles a fleet policy may be best.
How much stock do you hold? It could be disastrous is stock or supplies are taken in a break-in! Be sure to know the value of replacing this and get adequate insurance and keep a regular record of stock levels as you’ll need this if you ever have to claim. You should also be aware of the level of cover your policy is set at as because if you are expanding and keeping more stock it’s easy to not realize that you are vastly exceeding what you’re covered for.
Public Liability Insurance
What if a customer were to take you to court to sort out a dispute or a grievance? If you lose then you would need liability insurance to cover any pay-out due. Be sure to have the correct policy for your type of work as in some professions there are specialist types of insurance required, the American Medical Association needs a specific type of policy for medical practitioners
Sometimes there are disputes with employees, either past or present, and although you’ll do your best to treat everyone fairly, what if you lost a claim or tribunal and were due to pay a compensation payment. An Employers Liability policy will give you a level of pay-out that will be covered in this eventuality.
If you own any premises then you need to cover them with a buildings policy. If you have a commercial mortgage this is usually a contractual obligation. Even if this is not the case, in the event of an accident or natural disaster the cost of repairing buildings can be crippling if not covered. Often you can get these types of policies combined with the previously mentioned stock insurance, so this is always something to look into, if possible.
Product Liability Insurance
If you are selling your products how do you know that they are safe and that they won’t harm the customers that are buying them? You should go through a rigorous testing and research phase before releasing anything. But even with these precautions you never know when something can go wrong? Perhaps a faulty component from one of your suppliers or a manufacturing issue. So if this happens then you should be ready to defend any claims and it’s important to have insurance in case you need to payout.