Business Insurance – Frequently-asked Questions
Why do businesses need insurance?
Insurance is a way to transfer risk. You transfer the possibility of loss occurring to the insurer in return for the premium.
Most businesses will require some sort of business insurance and the type of cover you will require depends largely on the nature of your business and activities involved.
What business insurance options are available?
Business insurance is a general term covering options that are either desirable or a business necessity. Some of the options include:
1. All UK-based employers are required by law to have employers’ liability insurance;
2. Public liability insurance;
3. Employers’ liability insurance;
4. Professional indemnity insurance.
Who do I need to provide employers’ liability cover for?
In general you need to provide cover for anyone who undertakes work solely for you in a paid capacity.
What is public liability insurance?
Public liability insurance covers your legal liability for physical injury, damage or loss caused to third parties arising from your business activities.
How can I insure my business against customer claims?
Public liability insurance protects businesses against claims made by customers, vendors or visitors who declare that they were injured or suffered losses due to your company’s actions or conditions on your premises. Many public liability claims are made by customers who are injured as a result of an accident, such as slipping on spilled liquids. In the event of a claim, a public liability policy pays out to protect your company against damages and legal expenses.
Which type of business insurance should restaurants, pubs and bars carry?
Restaurants, pubs, nightclubs should consider dedicated liability policies that address the risks these businesses face.
Public liability protection is essential as the use of alcohol can impair judgement and increase the risk of injuries or property damage.
I’m just getting my business started. Do I need insurance right away?
Yes, because the chance that you could suffer a loss begins with the first day of business. You can’t get insurance after the event.
You must be prepared for the risks associated with any business and the losses, sometimes catastrophic, that they can cause.
What is professional indemnity insurance?
Professional indemnity insurance protects your company’s legal liability for claims made against you alleging financial loss following breach of professional duty or negligence.
How much does business insurance cost?
The cost of insuring a business depends on a number of factors, including the size of your staff, the nature of your work, the risks you encounter in your daily operations and the location of your premises.
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