Whether it’s your first time in business or you’ve got an established company, insurance is important. However, with so many things to organise, business insurance is unlikely to be one of your priorities.  

You’ll know to expect the unexpected if you’re a business owner, whether it’s accidental damage or theft. Many insurance products are designed to cover a plethora of unforeseen issues, giving you peace of mind.  

Before you start looking for insurance, it’s good to get a better understanding of what you’re looking for. This way, you know you’re getting the right product for your needs. 

What type of insurance does your business need?  

There is no one-size-fits-all approach to business insurance, as every industry has its own needs and risks associated with the job. Understanding what kind of cover you need isn’t always easy, which is why a basic knowledge of a few different products will help.  

Public liability insurance  

If you encounter members of the public in your work, you should consider public liability insurance. It protects you from any claims related to your work, whether it’s on-site or elsewhere. 

Public liability insurance covers claims from anyone that interacts with your company such as customers, suppliers and clients following an injury or damage to property. 

Industry-specific insurance   

While general insurance is helpful, it doesn’t cover everything within your niche. For example, electricians should get specialist electrician’s insurance that covers industry-specific issues. 

Many policies offer additional extras like hired plant cover and tool protection, giving you a greater deal of protection than you could otherwise get. 

Personal indemnity insurance  

If you’ve started a business and things don’t quite work out as planned, personal indemnity insurance helps cover issues that could lead to a negligence claim. Despite your hardest efforts to provide exceptional customer service and products, you need protection if something goes wrong.  

Personal accident insurance  

Whether you work in a hectic, busy environment or a calm office – accidents happen. If your employee has an accident at work and it leaves them unable to work for over two weeks, personal accident insurance will help you take the hit.  

Business equipment and office contents insurance  

No matter how big your business is, you need equipment to keep things up and running. If that equipment were to break down, it could be detrimental to your business’ success. The correct insurance will help you cover the cost to replace your items, thereby reducing any unnecessary downtime.