Business & general insurance
Many types of business insurance mirror those we are familiar with at home. If we’ve a business, then buildings, cars and assets all need to be insured, but there are a number of other insurances that, as business owners, we must give serious thought to. Some are technically optional, although in today’s litigious world you’d be foolhardy not to take them which makes them essential, but one is a statutory requirement: if you’re an employer you may have to have it.
Setting aside the obvious ones, there are three types of insurance you really need to know about: public liability, professional indemnity and employers’ liability insurance.
Public liability insurance is needed to protect you against accidental injury and property damage claims from your customers, visitors or people you visit. It also covers you if you accidentally breach food safety or consumer protection laws.*
Professional indemnity insurance protects you from the cost of legal fees and compensation claims should you make a mistake in the advice you’ve given on a professional basis. It’s essential if you provide a consultancy service, ‘expert’ advice or handle people’s information.*
Employers’ liability insurance is a legal necessity if you have employees working under your supervision. It covers employees, self-employed contractors you’ve hired, temporary staff and volunteers in the event of their suffering an injury during their employment by you. There’s a fine of up to £2,500 per day if you don’t have cover.*
It’s all a matter of risk management. Knowing what you must have, what you should have, what may be of use and what doesn’t apply, means you can make sure you’ve got the right level of insurance and all eventualities adequately covered.
One Financial Solutions can help you identify the risks and recommend ways to cover them. For further advice or more information, please call one of the team.
* One Financial Solutions do not recommend business insurance; we refer this to a specialist broker.