Small Business Insurance: Everything You Need To Know



Insurance is something which many of us may take for granted when starting up a business. However, it is one of the most important elements to being able to run a business successfully and securely.  Without commercial insurance, you will never be 100% safe and protected with your assets.

What level of Cover Do You Need?

The minimum level of cover which you must take out for your employer’s liability is £5 million. Although, most business will opt for a higher value such as £10 million. The cover you decide to take out depends on the size of your business and the risks involved in the work carried out. You are likely to want higher protection if run a construction site than if you run an office. It is important also to remember that this is a legal issue which needs to be addressed to avoid a fine.

Types Of Insurance You Should Have

General Liability Insurance

This is the most common type of insurance for a company to take out if you are looking for an insurance policy and should be the first one you look into. Commercial general liability insurance provides you with secure and defence if anything goes wrong in the business. If you, your employees, services or products come under scrutiny for causing injury or damage to the customer’s property, you’ll be protected from losses. It is a useful contractor insurance service and is one which is essential for the smooth running of your company.

Business owner’s policy (BOP)

The business owner’s policy will compile all the types of cover you may need into one package. BOP’s include liability insurance, crime insurance and property insurance amongst others which are useful for your business. What’s good about the business owner’s policy is that you are able to alter what is covered depending on the type and size of the business you are running. As this is a bundle rather than separate policies, you will often save a little cash in taking out a BOP.

Worker’s Compensation

Worker’s compensation provides essential insurance to your staff members upon the occasion of an injury sustained at work. It also provides medical benefits and wage replacement for if your employee has to stay off work due to a broken bone or other serious injuries. Having a worker’s compensation agreement with your employees mean that they give up their right to sue the company for any personal damages. This means that you as a business owner are protected against heavy losses and legal issues.

Commercial Auto Insurance

Taking out insurance on your company vehicles is an essential part of your business, especially if you give out company cars to your employees. Commercial car insurance allows you to cover work cars, vans, and transport vehicles from damages and accidents. You can consult an accident attorney like Valiente Mott to know what this covers and avoid future accidents.

Data Breach

If as a business you store sensitive and private information on your premises, data breach can protect against the loss of this data. You may hold information about your employees, clients or finances on your computers- and if a breach of information occurs, the data breach policy will prevent any losses or legal implications.

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