Starting a business isn’t easy. Are you working on your own, or with others? Sometimes, it will seem that there are better things to do than think about business insurance. However, time taken to get things right can avoid huge problems further down the line.
Let’s take a look at various insurance products your business might need.
- Public Liability & Product Liability. Does your business interact with the public? Is there a risk you or your products could cause physical (or mental) harm or loss?
- Employers Liability. This is obligatory under the law if you have employees or volunteers working for you
- Professional Liability. If your business involves the provision of advice to clients that could cause financial loss, this may be required
- Cyber Protection. This is an umbrella term lots for of different covers; computer viruses, Denial of Service attacks (DoS), data protection, hardware protection etc.
- Property and Equipment. You need to properly value what you need to operate your business and ensure you are covered when you use it.
- Personal Accident. This cover can be useful if you are the sole bread winner. It can include income protection or just lump sums depending on injury or disablement
- Keyman. Investors and/or Boards often look to cover the risk to “irreplaceable genius” to ensure they are protected against lost investment or the cost of replacing a key person.
- Directors & Officers. Directors may ask for this protection – it provides cover for actions brought against Directors personally (by shareholders, authorities etc.) for their conduct and decisions as directors
- Legal Expenses. A fund for lawyers if you sue or are prosecuted/sued outside of liability claim (e.g. a supplier who lets you down)
What you need and how much will depend on your circumstances. Too little cover and you could be crushed, too much and the costs will be a drag. It’s worth repeating, Employers Liability is a must and if you breach the law, fines are brutal (£2500 per day!) to ensure compliance. We can help with your insurance needs at Services Family Ltd – call us at 0800 029 3585 or fill in our easy contact form.