A Note on Business

In the UK there are many different types of Business Insurance. It’s because of this diversity that the options available can sometimes be confusing. So for a new business that has no staff or an existing enterprise with teams of employees it’s important to decide what level of insurance you must have and those that are advisable.

Here is a list of 16 different types of Business Insurance you might consider.

Employers’ Liability Insurance – The Employers’ Liability (Compulsory Insurance) Act 1969 requires that employees be covered against injuries whilst doing their job – Mandatory.

Motor vehicle insurance – Most business policies are comprehensive or third party, fire and theft. Legally you must, at least, insure your legal liability for injury to others and damage to their property – Mandatory. If you use private vehicles for business use, make sure the relevant policy accounts for this.

Professional indemnity insurance – Protects businesses against injury, loss, or damage, arising from their professional negligence or that of their employees. Depending on your industry certain profession MUST have insurance, these include; architects, accountants, solicitors, surveyors, insurance brokers and financial advisers.

All of the following types of Business Insurance are recommended.

Business travel insurance – Some employees travel extensively around the world. Cover against delays, loss of life and injury; equipment and money is recommended.

Fidelity guarantees – If you are worried about dishonest employees Fidelity Insurance covers against loss of cash or stock.

Key Man insurance – Some businesses would cease to function properly without certain individuals. It’s not uncommon to insure Directors and senior managers against the loss of income from death.

Premises insurance – Much like home insurance your business premises should be insured for the complete rebuilding cost.

There are two type’s standard and “all risks”. Talk to your broker about what level of cover you might need.