There are a host of different insurances that are applicable for business, and insurance requirements will be different from business to business. If you're new to business, the terminology may be confusing and even if you've been in business for years, you may not have the cover you need, or the cover that you think you have.
We've been helping businesses for years and pride ourselves on thoroughly understanding our clients' needs so that we ensure that they have the best policies and cover in place. Sometimes it's straight-forward, but often our clients have unusual businesses that require specially-tailored insurance policies.
Public liability – if you are in any business, this is a necessary policy for you. If you or your business causes injury or damage to a member of the public or property, then your insurance will be there for you. Nothing stops someone alleging you have caused damage or injury to them – without this cover you are on your own.
Employers liability – a legal requirement if you have any employees, whether full-time, part-time, temporary or even volunteers; this will protect you from claims against you from your employees. If you are sued due to an unsafe working condition resulting in an employee becoming injured or ill, employers liability has your back.
Products liability – if you sell, distribute or manufacture products you should have this. Even if you sell other people’s products you could be liable regardless if the fault lies with the manufacturer – they will be protected, are you?
Stock cover – vital to distributors, warehouses and shops, stock cover very much does what it says on the tin. If you’re burgled or your stock is damaged then stock cover will be there to ensure you’re not left out of pocket.
Business contents - this includes office equipment, plant, fixtures and fittings, tools, forklift trucks etc Just like your home, your business cannot perform without the necessary equipment.
Money – not protected by stock cover, if you’re burgled and the cash from your till is stolen you won’t be covered. Therefore you need money protection to protect your physical cash in the store. On busy days this could be substantial so is well worth considering.
Business interruption – if for some reason you’re forced to close the business, be that a flood in your factory or a fire in your shop, business interruption cover is there when you need it most. Your business might be forced to stop temporarily, but bills, wages, rent and rates don’t stop. This vital element of protection will ensure you don’t miss out on your income whilst you are forced to close, and could also cover cost of relocating to another premises.
Cyber – If a hacker targets your business, there’s an IT failure or you (or someone in your business) accidentally shares something they’re not supposed to, it takes time and money to fix. With increasing threats to access your own and your client’s data this insurance is evolving fast to keep you protected. You should now always consider this for your business.
With so many types of policies, it can become a job in itself to manage! That's why we also offer comprehensive combined commercial insurance so that all of your business insurance policies are wound into one, manageable policy.
Before coming to us, many of our clients have found that other brokers switch off because their requirements are too specialist, or that they've had to make do with policies that aren't appropriate. We relish the opportunity to help unusual businesses and those with specialist needs.
Whether you'd like some advice, a quote or more information about business and commercial insurance, get in touch because we'd love to help