There are various types of business insurance products, each individually tailored to protect the future of your business and to make sure it continues to run smoothly. Small businesses looking to build a combined commercial insurance could include the following covers in their policy:
- Professional indemnity insurance
- Public liability insurance
- Product liability insurance
- Employers' liability insurance
- Commercial builing insurance & cover for office contents
- Business interruption
- Cyber liability insurance
- Legal protection insurance
What types of cover does my business need?
When trying to understand what business insurance covers and how a commercial policy could benefit you, consider how many of the following are relevant to you:
Professional indemnity insurance protects your business if a client claims there’s a problem with the work you’ve done for them, including covering compensation payments or legal fees.
Public liability insurance acts to protect against the cost of claims, compensation pay-outs, and legal costs in the that case a client, member of the public (or, for employer’s liability insurance, an employee) makes a claim about accidental injury or property damage.
Office insurance specially protects the business from the costs incurred as a result of damage, loss or theft of the business premises or its contents, in addition to any loss of income due to the business being disrupted.
While office contents insurance protects equipment and interior of your commercial premises, office buildings insurance can also cover your business premises for fire and flood repair and other structural damage. This can be useful for people who own the building they work from, particularly if it’s in an area susceptible to extreme weather conditions.
Portable equipment and tools insurance covers the cost of repair or replacement of all of the portable tools and technology your business requires outside of the usual workspace. This includes items such as mobile phones, laptops, cameras, and specialist hardware and tools. This can be added to your office contents insurance and includes options to cover worldwide, Europe or within the UK.
Commercial legal protection covers the cost of advice and representation if you face legal proceedings. You might draw on this service if someone trespasses or damages your offices and you take them to court, if you face an employee dispute, or if you’re selected for a tax enquiry by HMRC.
Other products are also offered, such as cyber and data protection ideal for companies that function online and may be at risk of a security breach, and treatment liability insurance to provide insurance cover for hair and beauty businesses from the risk that a client could claim they have suffered an injury or illness as a result of your actions or advice.
Visit our small business guide for more information: What business insurance do I need?
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