What is Business Insurance?
There are plenty of aspects to Business Insurance, but they all have the same objective, to protect you and your business. It is vital that you have the correct cover or you may be liable to pay for damages. Some insurances are mandatory, and some are only recommended. If you are unsure on what cover you need, feel free to reach out to us on our contacts page.
Types of Business Insurance:
Product Liability – Any product you sell or produce could become faulty and cause injury or death. This means you are liable to pay compensation to the consumer for the damages.
Example – You manufacture and sell chairs. A chair you produced and sold broke underneath someone during the warranty period, causing them a spinal injury. You are now liable for their injuries due to the chair not being correctly produced.
Employers' Liability – When a member of staff has been injured at work, you are liable. Employers' liability will cover the legal fees and compensation.
Example – You run a pub, and an employee drops a barrel of beer onto their foot. They blame you for the damage to their foot for inadequate training and safety equipment. They take legal action.
Public Liability – This will cover your legal costs and compensation when you damage property or injure a third party at work.
Example – You are a roofer, you accidentally drop a roof tile onto the client's car damaging it.
Professional Indemnity – Sometimes a professional in their industry can provide poor advice to a client which can cause the client a loss. This cover will protect you from legal costs and compensation given to the client for the financial damage caused.
Example – You are an accountant who provides a professional service. Because of poor advice which has led to a mistake, you are now liable for that mistake. It's going to cost thousands to have this amended so your business is sued for the costs.
Commercial Property – Covers the cost of contents, repairs, replacement, or even a rebuild of the property.
Example – The office that you own has been flooded due to poor weather. There has been both structural and contents damage.
Commercial Vehicle – When you have a commercial vehicle, it must be insured as a commercial vehicle. This differentiates from regular vehicle insurance. Similarly, it covers the vehicle and any third party.
Example – As a business owner, you are on your way to a meeting in your work van. On the way you have an accident with another vehicle where you are at fault.
Cyber Insurance – It is becoming increasingly common for businesses to have their emails or computer systems attacked. This will cover you for any damages or ransomware you may have to pay.
Example – An employee opens an email link that contains a virus allowing hackers to acquire access to all of your systems which includes sensitive data about clients. Cyber insurance will provide you with experts to manage the situation and pay the ransom if necessary.
Legal Expenses – When a legal dispute has emerged and you need help, this will cover the costs for an expert legal team to assist you in your legal defence.
Example – An ex–employee is suing you for ageism.
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King and Power Limited offers all customers the best possible service – please call us with any questions you may have.
07768 871487 or email us HERE