Which Types of Insurance Does My Business Need?

Knowing what insurance to takeout and what to cover can be a difficult task – even with personal insurance. However, for businesses with many more factors and people to consider the task is much more complex.

Business Insurance

The costs of not taking out insurance or not getting adequate cover could easily soar into the tens to hundreds of thousands of pounds. That is why Clover Insurance have created this guide to the key types of insurance you should consider taking out to protect your business.

Employer’s Liability Insurance

Although not a compulsory insurance when it comes to the law, it is a must have if you run a company that employs staff. This is because employer liability insurance protects you and your employees in the event of illness or injury suffered at work.

Public Liability Insurance

Although not compulsory, it is also very wise to take out public liability insurance in case a client, supplier or even visitor to your premises makes a claim for compensation. Should their claim be upheld and you don’t have adequate insurance, you will have to foot this costly bill.

Many businesses meet visitors at their premises and this insurance provides peace of mind should they attempt to sue you for damages.

Office and Buildings Insurance

Just like we insure our homes against, fire, flood and theft, we should do the same for our offices, warehouses and factories too. Although it is not required by law in the UK, some mortgage providers may insist that building insurance is taken out as part of the loan agreement.

If you rent your business premises it is important to contact your landlord to see what is covered. Even if their insurance is comprehensive, it would still be wise to protect yourself against accidental damage.

Motor Vehicle Insurance

For any business that operates vehicles, you must have at least third-party only insurance to comply with national law. However, it is best to take out full and comprehensive fleet insurance because employees are much less likely to take care in their company vehicle compared to their own car.

Guarding Against Loss of Earnings

There is almost nothing worse for a business than a force majeure incident, such as a fire or flood. By taking out stock Insurance you can always guarantee that no matter the situation the costs of all your stock or supplies are covered. Taking additional business Interruption insurance will even cover your loss of income while you get back on your feet.

Sometimes, all it takes is for one bad customer relationship or faulty product to see a company’s reputation ruined. Perhaps somebody is injured by a product that you did not even manufacture yourself. This is where product liability insurance provides you with extra peace of mind.

Specialist Insurance

Companies operating in certain industries as well as individuals working in certain professions are required by their official trade organisations to take out specialist insurance policies in order to operate. An example of this are solicitors, who are required to take out professional indemnity insurance in order to be able to practice law. Similar insurance is also required by freelancers and consultants.

To find out if you or your company requires specialist insurance, it is worth contact the governing body of your industry or experts such as Clover Insurance for advice.

Business Insurance from Clover Insurance

Having the correct insurance and level of cover for your business removes a lot of stress and worry, even in the worst-case scenarios where someone is making a claim against your company or a flood damages your premises along with all your stock. The right cover means that these expenses are covered, including your loss of earnings, ensuring staff still get paid and helping your business gets back on its feet in double-quick time.

At Clover Insurance we offer a wide range of business and public liability insurance policies to companies in Harlow, Hertfordshire and across North London. These policies can be tailored to meet the specific needs of your business, such as comprehensive shop insurance, that can contain both public and employer liability elements in one package.

We also provide motor fleet insurance for companies with a number of vehicles. If you would like to know more about any of the packages we can offer, you can contact us by following this link or call us on either 020 8805 1121 or 01992 630095.