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What do I need to know about business insurance?

For peace of mind, please carefully consider whether your business needs insurance.

It is one of those costs that sometimes can be ‘saved’ but then prove costly later. The types of insurance that you may be applicable are: Public Liability (essential if you are dealing with members of the public), Employers Liability, Professional Indemnity, Key Man, Director's Insurance, Equipment, Buildings & Contents Cover, Motor Insurance, Goods in Transit, Legal Expenses Insurance.

Speak to a reputable broker if you are in any doubt.

Business Insurances Explained

Ensuring a new business needn’t be complicated and a little time spent planning what needs to be arranged from day one, will avoid unnecessary problems in the future.

If like many start-ups you are going to work from home, you will almost certainly find that any existing car or household insurances will need to be upgraded or changed.

Car insurance. Your policy will need to be extended to include business use – even if the only business journeys you make are to the post office. Motor insurance is a compulsory insurance, so it’s important to make sure that the cover you have is right.

Household insurance (Buildings and contents). Whether insured separately or together you will need to let your existing insurer know that you are working from home. However your household policy will not be suitable for business purposes, regardless of whether customers or clients visit your home. Separate arrangements will need to be made, although many insurers are now able to offer specialist homeworker insurance policies that can combine both personal and commercial insurance needs.

Of course if you are letting out your property, you will need to arrange a Landlords insurance policy as a household policy simply won’t do.

Whether working from home or from business premises, it’s important to insure your property, especially your stock and computers. If you have any portable items like phones and laptops, don’t forget to arrange insurance for when you take them outside.

Employers Liability insurance. If you intend to have employees, the law requires that you arrange Employers Liability insurance.

Public and Products Liability. Whilst not required by law, should be considered a must and you may find that many of your clients insist that you have the cover. See our page about Public Liability Insurance to learn more and to obtain a free quote.

Professional Indemnity insurance. If your business is a service rather than the supply of a product, Professional Indemnity insurance should be considered. You might find that your clients insist that you have this cover and if you choose to join a Trade Association, it may be a condition of membership.

Business Interruption insurance. If you should be unfortunate enough to sustain a loss such as a fire, flood or theft at your premises, then there are likely to be significant costs keeping the business going and replacing lost profits. Business Interruption insurance should be seen as a must and the level of cover and the period of interruption that it covers, should be carefully selected.

Money Insurance.

Goods in Transit Insurance.

Legal Expenses.

Directors & Officers.

Personal Accident.

Combining different types of insurance cover under one policy, may work out cheaper and can avoid gaps in cover.

Check any contracts that you are asked to sign to see if insurance is a requirement and at what level, especially for Public Liability and Professional Indemnity insurance covers.

Some insurance providers offer interest free monthly instalment facilities so do ask what’s available – great for helping with your cash flow.

Bedfordshire Business Insurance Services Logo

At the Business Insurance Service we understand that managing risk is essential to building and managing a successful business. Having the right insurance is vital, and we make it our business to ensure that your business has the cover it needs.

As a one-stop commercial insurance broker and risk management solution provider, we will work with you to understand your business’s key risk areas, and provide expert advice on the insurance solutions that are right for you – whether that’s getting the best price for an off-the-shelf policy, or arranging a tailored business insurance package that includes specialist cover.

We will compare policies from across the UK commercial insurance market and provide you with tailored recommendations based on your key risk areas. We will advise you on package business insurance that will cover core business risks and liabilities, as well as policy extensions and optional extras matched to your business.

Core elements of package business insurance typically include

· contents insurance to protect your property
· liability insurance to cover staff and customers
· loss of income or gross profits in the event of an interruption to your business

Optional cover might include such elements as

· deterioration of stock
· freezer breakdown
· professional indemnity insurance
· terrorism

We can help save you money and time, and deliver a unique insurance and risk management solution that will minimise your exposure and add value to your business. Call us today on 01273 789 979, or visit our website for a free, no-obligation quote: www.businessinsuranceservice.co.uk.

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