Running a business comes with its fair share of risks - from minor mistakes to large claims. That's why, whether you operate a small shop or a thriving corporation, business insurance is essential. But what policies make sense for your company? Here’s a breakdown of common policy types and legal requirements:
While business insurance is not universally mandated, certain policies are non-negotiable from a legal perspective:
Employers' liability insurance covers costs if an employee is injured in the course of their employment with us. If you have even one employee, this is legally required.
Motor insurance is compulsory for companies using vehicles.
Beyond the legal necessities, other forms of insurance safeguard day-to-day operations:
Property insurance pays to repair or replace items like contents, machinery, tools, equipment and stock, damaged due to an insured event on your business premises. Cover can be extended to cover property away from the business premises.
Business interruption insurance covers loss of revenue, gross profit and/or increased costs of working, following an insured loss or damage at your premises that causes your business to reduce or stop operations. Various cover extensions are available to cover events beyond premises loss or damage, for example if your customer's or supplier's premises is damaged and unable to function.
Liability insurance covers litigation costs and compensation to third parties for bodily injury, property damage, financial losses and more, stemming from alleged negligence. Common policies include public liability, product liability, directors' and officers' liability (also called management liability) and professional indemnity.
Many professional businesses and industry regulators also stipulate that individuals carry professional indemnity (also called professional liability) insurance. This protects clients in the event of mistakes, errors or omissions.
Cyber insurance covers costs dealing with data breaches, network damage, business interruption, ransomware and many other IT security issues.
Transit, cargo and third-party storage insurance covers your owned property, usually stock, in transit, in storage and moving around all over the world.
There are many more insurance covers and policies available, from plant insurance to product recall cover. Speak with Keep Insurance Brokers today to discuss your insurance requirements and receive quality advice.