Business Insurance

Keeping your company safe

Any business operating in the UK will require a comprehensive range of insurance policies to protect them against the various problems and accidents which pose risks to them in their day to day activities. Many insurers will provide business insurance bundles that give an organisation all of the cover it needs for a single fee. When taking out business insurance you must carefully consider the needs of your company and the specific risks present in its activities. Most organisations will want their business insurance policy to include the following:

• Building & Contents Insurance; which protects premises against fires, floods, theft and other risks. The cost of this will depend on whether you own or are renting the premises and the value of the building and its contents.
• Business Continuity Insurance; this is designed to cover profits lost and costs incurred as the result of a disaster which has prevented your business from functioning as it normally would, for example a fire or a computer systems failure.
• Credit Insurance will partly cover you if someone who owes money becomes insolvent and unable to meet their debts.
• Money Insurance covers your stamps, cheques and cash. Different types of cover apply depending where the money is at the time.
• Equipment Insurance can protect all computers, tools, machinery or any equipment that is essential to the running of your business.
• Goods in Transit Insurance will pay for the value of goods lost, damaged or stolen whilst in your vehicle or being carried by a delivery company.
• Fidelity Insurance provides cover against theft or other dishonest activities on the part of staff
• Legal Expenses Insurance covers costs such as solicitor’s expenses and court fees if legal action is brought against you.
• Motor Insurance will be required if you or any of your employees drive a vehicle as part of their duties
• Travel Insurance is needed if you or any employees travel abroad on business.

Business insurance policies, however comprehensive they seem, need to be checked over carefully and you need to be sure that all necessary information, no matter how minor it may seem, is included so that you will not be unknowingly excluded from the cover you have purchased.

Other insurance for businesses

As well as a comprehensive business insurance policy to cover the risks outlined above and other similar situations your organisation will probably require some more separate policies. If you have any employees you will be legally required to have employer’s liability insurance, if you operate on a public premises or visit peoples homes public liability insurance is a good idea, and depending on your situation you may want to consider professional indemnity insurance, directors liability insurance and a range of other policies.

Get business insurance advice from a qualified financial advisor