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In any business, risks cannot be ruled out. In case of a small operation, even a small risk can make a huge impact on its growth and sustainability. This is more so with respect to finances as small businesses, by their very nature, are devoid of strong financial support.

If you are a small business owner, you need to seriously consider taking out insurance to protect your businesses from unfortunate events that cause financial crisis.

Besides providing financial support during unfortunate events, insurance helps in increasing the credibility of your business among your employees – they feel secured knowing that they are covered under a policy.

Business Liability Insurance

If someone is injured or their property is damaged, the person or business responsible may be sued and held legally liable for the injury or property damage. Where legal liability is established, damages will be awarded to the claimant to compensate them for their injury or the damage to their property. Where damages have been paid for an injury, the NHS is entitled to recover costs for hospital treatment. The person or business responsible will also need to pay legal costs, including the claimant’s.

Liability insurance is designed to protect your business against these costs.

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Public Liability Insurance For Businesses

If members of the public or customers come to your premises or you go to theirs (including if you work from home), you should think about taking out public liability insurance.

Premiums are based on the type of business and rated on an estimate for the level of activity of the business. For most businesses this will be the turnover, although other factors may be used. For example, premiums for a hotel might be calculated on the number of beds provided to reflect the number of guests.

Professional Indemnity Insurance For Businesses

If you are in the business of selling your knowledge or skills, you may want to consider taking out professional indemnity insurance.

PI insurance protects your business against claims for loss or damage made by a client or third party if you make mistakes or are found to have been negligent in some or all of the services you provided. PI insurance will also cover legal costs.

Many professions are required to have PI insurance cover as a regulatory requirement or as part of their professional authorisation. This includes solicitors, accountants, architects, mortgage intermediaries and insurance brokers. Many consultants, advertising and PR agencies, and designers also choose to have this type of insurance.

Act Now! – Get Business Insurance

An increasing number of people have now recognized the tremendous benefits of liability insurance and are now electing to purchase insurance as a way of protecting their interests. If you have not yet thought about how you would afford the expenses that might be incurred in the event of someone launching a compensation claim against you, it is certainly time to do so.

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Differences Between Home Possessions Insurance And Home Business Insurance

“There are key differences between home possessions insurance and home business insurance: Home insurance won’t cover you for any liability arising from your business activity, for example, injuring someone due to a faulty product. Also, it will either only give you limited business contents cover, or none at all. The other issue to be aware of is that you should notify your home insurer if you are operating a home business, as it could affect your policy.”

Business Insurance FAQ

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 advisable 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.

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.

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.

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