Insurance Requirements for Businesses
Every business, large or small, will have insurance needs. Not only is it a legal requirement in many cases, but it’s also simply good sense to make sure your business is protected from harm in this way. After all, no-one can predict when an incident, accident or disaster will occur. But you can be prepared with the proper business insurance.
There are many different types of business insurance which you can purchase for your company. Some insurance types are legally required, whilst others are optional. Before you purchase insurance, you should discuss your needs in detail with your insurance provider, who will be able to advise you on which insurance products your business needs. You can also check Bruce Insurance guide in this regard.
Professional Indemnity and Product Liability
If one of your customers has suffered a loss as a result of your professional advice or services, professional indemnity insurance will protect you in the event of them making a claim. Product liability insurance will protect you if one of your customers comes to harm as a result of a product you have sold to them. Insurance for freelance professionals will protect you as a contractor or freelancer in this situation.
Employers Liability
If you have employees of any description, it’s recommended that you take out employers liability insurance. This is because the penalties for not having it are severe, and often involve jail time. Employee liability insurance will protect you – and your employees – in the event of one of them suffering an injury whilst at work.
Motor Insurance
If you own or operate vehicles as part of your business, it’s a good idea to invest in motor insurance which is specifically designed to cover your company’s needs. If you have two or more vehicles, you might even benefit from motor fleet insurance, which is a cost effective way of insuring multiple vehicles for business purposes.
Building and Contents Insurance
Despite the modern proliferation of online businesses, many business owners still operate out of bricks and mortar premises. If you fall into this category, it’s a good idea to think about building insurance for your businesses. Similar to home insurance, but with added codicils which protect you in the event of your losing revenue following an incident involving your premises; this is the perfect choice for companies in need of comprehensive insurance solutions.
Contents insurance can often be bought in conjunction with building insurance, but not always. This product is specifically designed to cover you in the event of your building contents being damaged or stolen. Contents insurance is not the same as product insurance – it covers everything contained within your business premises which are detailed in the terms of your business insurance agreement.
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