As a business owner there is no doubt that you’ve put in a lot of hard work and effort into growing your business. That’s why it’s important to ensure that you have insurance in place to protect your back pocket should something go wrong. Here are some of the top insurance products you may need to consider for your business before you go out looking for a small business insurance quote.
All small businesses
If you run a small business from home operate a mobile business, you’ll need some basic insurance to cover yourself, your property, and others coming into contact with your business operations.
Public Liability Cover is an essential type of insurance for all businesses. This protects you in the case that a third party makes a claim that you have injured them, or damaged their property in the course of your work. These claims can be quite expensive to defend in court, and if damages are awarded you could be stuck with costs for medical bills and replacement or repair of property.
If you work as a professional and give advice, Professional Indemnity Insurance is a wise choice to protect your business if a client claims you have caused a loss to them. For example, giving the wrong health, legal, financial, or property advice resulting in a financial loss.
You’ll also need some General Property Cover for items you have purchased for your business. You might not think you need it, however if you add up items such as mobile phones, computers, tablets, or technology and equipment you use, you’ll find the cost of replacement can be significant. Insurance will ensure that you are not left alone to foot the bill.
And of course if you are mobile, don’t forget to protect your vehicle with Motor Vehicle Insurance for small businesses. It can help in case of theft or accidents, and also can cover items you might have inside the car.
You might also want to consider insurance quotes for Personal Accident Insurance if you work for yourself, as if you fall ill or can’t work for a period of time, there is no sick leave to fall back on.
Small businesses with an office and employees
If you work with employees, you’re required by law to have Workers Compensation Insurance in place. This insurance means that in the case that your employees fall ill or are injured on the job, you are able to cover the costs of medical or recovery bills. It protects both you and your employees.
Make sure your insurance policies cover theft and damage to your office and property also in addition to the above insurances, especially if you have an office with office equipment inside.
Small businesses with stock and equipment
For businesses which rely on stock and equipment, consider insurance for machinery breakdown and increase your property insurance limits too. It’s also smart to get a Business Interruption policy in place in order to protect yourself again any stoppages to your operations that will prevent you from continuing work.
For your next small business insurance quote, contact All Trades Cover on 1300 826 850 and chat to one of our brokers for easy to understand insurance information.