Business Insurance- The Complete Guide
2017 08 15
Business insurance is multi-faceted and can appear very complicated when you are trying to make that decision about what you need and which company to choose. This is your complete guide to business insurance, to ensure you get the correct cover legally, as well as the right cover in terms of value for money and suitability for what you need.
Commercial Combined Insurance
Commercial Combined Insurance is a comprehensive business policy which encompasses a number of aspects of business insurances. Commercial Combined Insurance policies are a cost effective way of combining various insurance needs, into one easy to manage policy. Company insurance policies are often required to cover a multitude of things: protecting assets such as buildings, content, stock and machinery. Coverage is often required to protect lawsuits against employees, for things which they have done or perhaps things they have failed to do which has resulted in some sort of accident or claim from a third party.
Within this type of policy, you may be protected against:
- buildings and tenants’ improvements
- damage to contents and machinery
- damage to computer equipment
- loss of stock
- loss of income due business interruption
- Public and Product Liability
- Employers’ Liability
- legal expenses
Of course, insurance policies are often malleable; you can work with an insurance professional to create a bespoke insurance policy which works for you and your company needs. If this applies to you, consider this when choosing a company to work with. The right company fit will help you feel assured in your insurance broker and your policy. For more information check out our complete guide and FAQ’s on Commercial Business Insurance.
The Employers’ Liability Act (1969) states that businesses must have valid insurance which protects themselves and their employees. Liability insurance is integral to a business, as it offers real financial protection if an accident were to happen. It may also be required if something more serious or life-changing occurs, which leads to a lawsuit.
Although you are legally required to have Employers’ Liability Insurance (there are some exemptions — see http://www.hse.gov.uk/pubns/hse40.pdf ), there are also other types of liability insurance which may be beneficial to you and your company at some point. Public and Product Liability insurance means you are protected if you cause damage to the property of a third party or cause injury to a third party due to business activities. It also protects you against damages or injuries in result of a product you have supplied.
Marine Cargo Insurance
This category of business insurance protection is also classed as a type of property insurance. This form of coverage protects the contents of your cargo whilst on transit– whether that is by land, sea or sky. Logistics companies or those which require trade and transit in order to fulfil their principle business, will find this insurance invaluable.
If you are unsure as to whether you would require this business insurance, then see a reputable company for advice.
Professional Indemnity Insurance
Professional Indemnity Insurance is there to provide you with financial and legal support if a claim is made against you, an employee of your business or simply the company itself. Generally, this type of insurance is needed by companies which create designs for clients such as architectural or interior designing companies. It is also intended for companies which offer advice and services as part of their business. If your services are deemed ‘inadequate’, then you could face a legal proceeding which can be very costly.
Therefore, Professional Indemnity Insurance is designed to protect you from claims, alleging you have made an error with your service, given false or partial information to a client or third party or have given inadequate advice, services or designs. It can also help with legal fees or other financial costs if you need to rectify an error for a client.
Directors’ and Officers’ Liability Insurance
Directors and Officers Liability Insurance, often referred to as D&O Insurance, is a type of business insurance designed to protect key members of your organisation against legal claims. The purpose of the insurance is to protect directors, officers and managers from claims made against them, alleging wrongful acts and deeds. It means if someone makes a claim against them, this type of insurance protects them from having to pay out for legal costs, settlements or any other financial burdens.
If you are unaware if you are covered on this aspect or want to see how you could combine it with other policies, speak to a trusted insurance professional.
Office Insurance: what does that mean? Office Insurance is a business insurance with three key areas of protection. Those include:
- Your premises, buildings and contents.
- Your staff, employees and visitors.
- The protection of your outgoing costs in case of business interruption.
Office Insurance is multi-faceted and any reputable insurance company would be happy to discuss and advise you on what aspects you may want covered. For instance, if you do not own the building itself, then building insurance will be an unlikely requirement, as that is the owner’s responsibility. However, you may require contents insurance and business disruption insurance as a part of your Office Insurance package. This is something worth speaking to an insurance broker about, as they will be able to advise and propose a policy for you.
Shop Insurance policies are designed for retail establishments and businesses running within commercial properties. This type of insurance can cover a number of things, including damages caused to the interior property such as damages caused by faulty electrics.
This business insurance can also cover you for motor insurance if you use a vehicle as part of running your business. As the policy can cover a number of aspects, it is best to speak to an insurance broker to discuss your company, how it runs, what you do and for them to survey your business premises. This way you a guaranteed to have a policy which is what you require, rather than a one-size-fits-all business insurance policy. Contact a reputable insurance broker for advice on your business insurance policy.