Top Tips For Getting The Right Business Insurance Policy
In taking out a business insurance policy, there are two main things to get right. Firstly, make sure you have the right policy cover that’s right for your business and secondly, make sure the levels of cover are appropriate for your needs.
Let’s start with the right policy
1) If you employ staff you must by law have Employers’ Liability!
It is a legal requirement for every employer in the UK, to protect their employees against risks in the workplace. This means that if a member of your staff is injured whilst at work this cover provides any financial...
...compensation awarded to them as a result of your negligence. The minimum legal requirement is £5m of cover.
2) If you own your premises, insure the building
You can include building insurance on your business insurance cover. You should insure the total rebuild cost and debris removal, for example, your building could be rendered inhabitable as a result of a fire and require demolition before repairs can take place.
3) Produce an inventory of materials
Write a list of all contents and consider stock both finished and stock in trade, i.e. materials you are working with. Include any items of furniture or business equipment which you need to insure.
Fixtures and fittings , such as signage and displays should also be considered. There are other covers such as money (currency/cheques) and goods in transit (products during transit) that can also be covered.
4) Make sure your valuables are covered away from your premises
Items such laptops and mobile phones are all too easily lost or stolen when taken out in public so consider insuring yourself for these items.
5) Public Liability is important to ALL businesses
Public Liability insurance is an option designed to protect companies against financial claims for injury or... continued on page two >