No matter what type of business you operate, how big it is or where it is located, business insurance is a great way to protect yourself in the event of an accident.
What type of insurance you need will depend on several things. Don’t make the mistaken assumption that your company is too small to need insurance. Even if you’re just starting out, you may need the same type of insurance as a much larger company.
People think that business protection must be expensive, but this is not true. Most small and medium-sized businesses only need a few types of insurance coverage, which is much cheaper than trying to put your company back together after a disaster.
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The cost of your business insurance can be affected by:
- How do you run your business?
- How much do you earn in a year?
- How many people do you have working for you? How big is your business?
- How much coverage do you need?
This is not a complete list and other things can affect the amount you pay for insurance.
Basically, you need insurance to protect three things: your customers, your staff and your business. You may only need to protect one of these important parts of your business, or you may need to protect all of them.
Here’s more about the main types of insurance you need to protect the company you’ve worked so hard to build.
Keeping your customers safe
Customers are what keep a business going. Without them, your business won’t do well, so public liability coverage could be the most important insurance you buy.
What is public liability insurance?
Public liability insurance can cover your legal obligation to pay money to people who have been injured or whose property or personal assets have been damaged because of your business.
How do you keep your customers safe?
If a customer, visitor or other person in the public is injured or loses something because of your company, you must reimburse them.
What is employer’s liability insurance?
This mandatory coverage pays your employees, which includes you if they work for your business, if they are injured, sick or become ill because of their work.
Employers’ liability is something that most business owners should have, regardless of what type of business they run or how many employees they have or how many safety measures they have in place to protect their employees.
Does it help you?
Most businesses that employ people are required by law to have employers’ liability insurance. The Employers’ Liability Act (mandated by the Insurance Act) of 1969 states that once a recruiter hires individuals to work for them, they must obtain employer’s liability insurance.
So you will need insurance if you have people working for you. Even if your workers are part-time or temporary, you should purchase employers’ liability insurance if you are responsible for what they do and decide when, where and how they work.
What is Professional Indemnity Insurance?
If you give advice for a living, you probably need professional indemnity insurance. This is because if a consumer knows that you have given them bad or incomplete information, the defense is meant to pay for your legal defense and any money you have to pay the customer.
How will it help you maintain your good name?
Building a good reputation can take years, but a simple mistake can destroy it. You can still make mistakes even if you are a skilled and experienced professional. Professional indemnity can give you the confidence to give advice, knowing that if you make a mistake, you have insurance to put it right.
A professional indemnity protection policy will protect you against claims of negligence, copyright infringement (intentional or unintentional), loss of data and libel or slander. If you have the right insurance, you can show that you are a responsible professional who has taken steps to pay claims if necessary.
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