Product Liability Insurance is relevant if you supply or manufacture goods, as there is always a chance that these goods could cause damage to a third party. This insurance will cover you for claims made against you for defective items, so as a manufacturer this is vital. Sometimes, it only takes a very small defect to cause a big problem that would lead to a big claim against you.
Property Insurance is vital, no matter what your premises are. Whether you own a shop, a cafe or you are running your business from your home, property insurance can help recompense loss of earning caused by damage to your premises. This goes as far to include loss of stock, office equipment, or tools, which, depending on your policy, will all be protected if you have a fire, against vandalism, theft and smoke damage.
On top of this, you can make additions to these policies called interruption insurance which will cover you for loss of earnings if your business is unable to operate.
Employers Liability Insurance is a legal requirement for any business that has employees outside of your immediate family. It covers you if your employees suffer illness or injury resulting in their workplace conditions and practices.
According to government legislation this insurance must come from an authorised insurer, and cover for at least £5million. If you are not sufficiently insured you can be fined up to £2,500 per day that you don’t have this cover.
If travelling makes up any part of your business you must ensure that you have business cover on your Car Insurance. Whether it is making deliveries or picking up supplies, if you are using your personal car for business purposes you will need to declare this to your car insurer. If you have an accident in your vehicle while using it for business but you have not declared it your company are not liable to cover the cost of any repairs to the car, or any loss of stock.
For a business based at home, Building and Contents Insurance policies are absolutely essential. It is not wise to simply assume that any of your items attributing to you business will be covered under your standard home and contents insurance. Often additions will need to be made to cover your business, and within these policies items can be covered when taken out of the house.
Many companies offer a cost effective insurance that will cover home and business premises as one, and protect all of your contents, so it is worth investigating these before deciding to insure your home and business separately.
Giving yourself the peace of mind from insuring your business is well worth any expense you outlay. As well as some insurances being legal requirements, other cover can help to ensure that a stroke of bad luck won’t affect your business for too long.
For information about how UK Roller Shutters can provide extra safety and security to your commercial property, get in touch today.
Call 01384 221743 or contact us online.