Running a business comes with a lot of risks, from damage to your premises to liability claims. This being the case you need to make sure that you get the right type of cover.
Below are the most essential types of cover you’ll need to get when you run a business.
One of the most important types of cover you’ll need to get as a business owner is building insurance for your premises. Building insurance will cover the costs of any structural damage that might occur due to fire, flooding, accidents etc. You can also get contents cover added to a building insurance policy, which will cover you for damage and theft of your building’s contents.
The cost of a building insurance policy will depend on a few different factors, such as the size of your premises, where it’s located and the type of business you run.
Another extremely important type of cover you’ll need to get is liability insurance. There are two main types of liability insurance you can get. They are –
- Employer’s liability insurance – Employer’s liability insurance is a type of cover that will protect you from liability claims from your employees. You are legally obligated to take out employer’s liability insurance even if you only have one employee.
- Public liability insurance – Public liability insurance will protect you from liability claims from members of the public. How much risk you’re at of having a claim made against you will depend on the size of your company and the type of business you run. In any case it’s always highly recommended that you have this type of cover.
Company fleet insurance
If your company makes use of vehicles then it’s essential that you get them protected with fleet insurance.
Although you can get separate policies for the vehicles your company has, it’s usually considerably cheaper to get a fleet insurance policy.
Having fleet insurance also makes it much easier to deal with paperwork and make a claim if you need to.
There are many excellent comparison services where you can get company fleet insurance quotes online. Some of the main factors that will affect the cost of a policy include –
- The level of cover you take out
- How many vehicles you need to insure
- The type of vehicles you need to insure
- The value of your vehicles
- How secure the vehicles are
- How secure your premises is