We read something scary the other day. The majority of UK businesses are under-insured. And why’s that scary? Just imagine if there’s a fire, your business is flooded, or someone tries to sue you. It’s even easier to imagine that will never happen, but if it did would you have enough insurance to protect your business? Or would you lose everything?

Having a business is one thing, protecting it is another. Here are 5 business insurance and liability products you should seriously consider.

  1. Business Buildings Insurance

If you own or lease your space, you need business property insurance. This coverage protects your stock and materials, equipment, furniture, building (if owned), and signage against storm, fire, and theft. If you rent your premises, it’s worth checking with your landlord to see what’s already covered. Anything that you have done to change the premises to suit your use. Hence if partitions, fitted kitchens, shelving etc. – can be insured as “tenant’s improvements”.

Business insurance

  1. Public and Products Liability

There are several forms of liability insurance. Public liability protects your business from damage to third party property and injury claims, so if your business is in regular contact with the public, you should definitely get this cover. All it takes is for one person to trip over and you’re in trouble.  This businesses insurance is needed for businesses such as restaurants, hairdressers, builders, tradesmen, and shops.

If you sell or manufacture products, you may want to consider products liability insurance. This protects you if someone is injured using your product.

  1. Employers’ Liability Insurance

By law, businesses with employees must have employers’ liability insurance. It covers your business if an employee gets hurt or dies on the job due to negligence. This insurance pays all the medical bills and disability benefits.

Even if you think your employees have ‘low risk’ jobs. You would be surprised how quickly medical claims can add up for conditions like carpal tunnel syndrome.

  1. Professional Indemnity

We all make mistakes now and again, but in business a small mistake or error can lead to a big claim. Professional indemnity insurance  protects you if your client makes a claim against you because of your advice. This cover is important to any professional that gives advice, provides plans or designs, handles data or other property belonging to others.

Some professions require this insurance in order to continue trading. Not only does it cover legal fees, but also the client’s financial loss due to your work.

  1. Business Interruption insurance

One of the biggest threats to a business is losing revenue from a major catastrophe, along with customers and suppliers. This is why you should always think long-term and look at business interruption insurance. This insurance provides you with financial cover to get you back on your feet and could be the difference between continuing your business after a disaster or closing the doors permanently. This cover can help you retain employees, help you while you rebuild and basically support you while you get back to trading.

What Property Damage Insurance and Liability Insurance do I need?

Every business is different and will need different levels and types of insurance, but as a general rule always make sure you have commercial property damage insurance and  general liability to cover your basic needs. And if you have employees, you will definitely need employers’ liability insurance.

Whatever your business insurance needs – we are certain we can help you find the right cover for your business. Just give us a call and we’ll help you work out what’s best for your business and most importantly make sure you’re not one of the under-insured.