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What is business insurance?

In a nutshell, business insurance offers financial protection for your business against:

  • the risks of loss, damage or theft of the assets of your business; and
  • the potentially high costs of meeting liabilities which may be encountered during the course of your normal, everyday business activities.

Do I need business insurance?

You may need certain elements of business insurance as a matter of law – other elements are a matter of choice in the degree to which you want to secure and protect the financial integrity of your business in the face of additional common risks and liabilities.

For a detailed discussion about your needs and the way in which business insurance might meet them, you may want to contact experienced specialists such as us here at UKinsuranceNET.

What business insurance do I need?

In practically every instance of your employing others to help run your business, the Employers’ Liability (Compulsory Insurance) Act of 1969 sets out your legal obligations for employers’ liability insurance.

A minimum level of £5 million of cover is currently required, in order to ensure that you are able to meet claims made by any employee who is injured or contracts an illness or other medical condition whilst working for you.

If you are in practice as a lawyer, accountant, management consultant or certain other professions, you may need professional indemnity insurance either as a matter of law or in order to comply with the membership conditions of the relevant professional association or institute.

Cover is required to ensure that you are able to meet claims alleging your professional negligence and even when there is no formal requirement for such insurance you may find that some customers or the contracts you hope to win specifically request that you hold such cover.

Insurance for your business assets and other liabilities which your business may face are not legally required, but without them your business runs the risk of losses from which it is financially very difficult to recover.

How can I safeguard my business assets?

Your business assets might include the property from which you are running your business and all of the items such as tools, equipment, machinery, stock, materials, supplies and work in progress.

The safeguard against loss or damage to these lies in business building and contents insurance.

What is business interruption insurance?

In the event of a serious incident resulting in loss or damage to your business premises or its contents, there is a risk that your normal trading activities are going to be affected.

In order to compensate for the likely loss of income, business interruption insurance provides a measure of financial support.

How much is business insurance?

Although there are very many different forms of business insurance – which is hardly surprising given the many different types of small and medium sized enterprises in the UK, the cover needs to be tailored to your individual business requirements.

These requirements are typically reflected in the price of business insurance and the various factors likely to determine the level of premiums you pay. These include the size of your business, the type of business activity in which you engage, the size of your business, the assets employed, the length of time you have been trading and your record of previous claims.