With the number of people trying to get themselves set up in business each year numbering in the thousands, there is inevitably more and more people who need to get some form of business insurance policy. It is important for these people to make sure that they end up getting the right type of cover. They don’t want to be paying over the top for a policy they don’t need but also they don’t want to end up not having the right level of cover when they come to make a claim. We have highlighted below the main variations of commercial policies, hopefully this should help you when you are making your decision about what to go for.
General Business Insurance.
As the name suggests, this type of policy covers the buildings, liabilities and contents associated with your business. With this insurance you can be covered for any loss or damage to company property as a result of a wide range of events from fire to theft. You can also make claims against loss of business as a result of any damage or incident.
Public Liability Insurance.
This form of cover will give you protection against any accidents or injuries that your customers have at your place of work. This can be the most important cover because if one of your customers has an accident on your premises then there is a good chance they will make a claim. If this happens and you don’t have the required insurance to cover you then you may end up paying out thousand of pounds.
Employers Liability Insurance.
Similar to public liability, this covers you in the event of any of your employees having an accident or getting injured whilst working for you. Again, this is an extremely important cover as there is always a chance of someone having a fall and you don’t want to be left to foot the bill when they make a claim against you.
Product Liability Insurance.
Taking out this policy means that if any of the goods that you sell or provide lead to the customer having an accident due to a defect then you will be covered. Obviously the need for this policy depends on what type of business you are involved in. If you work in an industry where your products have got little or no risk then you may not need it but it is always best to check before it’s too late!
If you are unsure about any type of business insurance then always check with your broker and they should be able to give you all the information you need.
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