Choosing the Right Business Insurance Policy
December 29, 2015
A wide range of accidents can be caused by your business, and costly claims and legal fees may ensue. To avoid this, it’s necessary to select the type of business insurance policy that’s right for you.
What Are The Benefits Of Taking Out A Business Insurance Policy?
If a claim is made against your business, your insurance policy should cover the cost of legal fees and expenses incurred in your defence. Clients will also be given peace of mind that they are covered against loss or damages that may be caused to them by your business.
Choosing the Right Policy:
Identifying the exposures and risks that your business may be exposed to, is the first step when searching for a policy; what might you need to make a claim for based on your type of business and the clients you deal with? The whole procedure of choosing the right type of coverage varies widely from business to business and for some, it may be more complicated than for others. Some businesses may also change their circumstances regularly, or even from time to time, and it’s crucial to review these changes and update your chosen policy accordingly. Growing businesses are bound to change, and with these changes often come added risks that your current policy may not cover you for, so keeping a check on this is highly recommended and if necessary, update your policy.
- Public Liability Insurance: Coming into contact with the public will mean there is always a risk of injury or damage to people or their property, whether this be at the site of your business, or elsewhere. This type of insurance will cover any legal costs and/or compensation that may be incurred when defending yourself against a claim made by a member of the public.
- Professional Indemnity Insurance: If your business becomes involved in a breach of professional duty, be it alleged or actual, then this type of policy will indemnify you against such incidents, and will cover compensation costs to your client too.
- Product Liability Insurance: if your business manufactures products, this policy will insure you against product defects that may cause damage to a member of the public or their property.
- Employers Liability Insurance: this policy covers the cost of compensation for any injuries that employees might suffer while at work.
- Income Protection Insurance: if you are unable to work due to illness or injury, this policy pays up to 70% of your regular income until you can return to work.
Hiring an Insurance Agent:
If you’re unsure which policy is the right one for your business, you could always consider hiring an insurance agent to help you, that way you’re guaranteed to have accurate, full coverage if/when you need it. Remember, they are experts in their field and often have years of experience behind them, so why not make use of their infinite knowledge to ensure you have the best policy for your business.