The basics of business insurance

Life doesn’t always go to plan, and neither does business – that’s what insurance is for. Business insurance is an umbrella term for a huge range of insurance policies and add-ons that you can take out to protect your business from the unexpected, and in today’s post, we’re looking at the different things you might want to include in your policy.

Liability insurance

Liability insurance takes several forms, and it’s vital cover for any business. If you run a business that involves members of the public coming to your premises, or you carrying out work anywhere where you might come into contact with members of the public (such as a customer’s home, or a public space such as a shop or concert hall), you’ll need public liability insurance. This covers you in the event that someone is injured – or their property damaged – and you’re sued for damages.

On a similar note, you’ll need employers’ liability insurance if you employ even one member of staff, and if your business offers advice or provides any kind of professional services, you’ll also need professional indemnity insurance in case you’re sued for losses arising from your advice or services. Another form of liability insurance is directors and officers insurance, which exists because as the director or officer of a company, you could be held responsible for mistakes your company has made – even if what happened was beyond your control.

Cover for your assets

Just as you insure your own home and its contents, you also need to insure your business premises and its contents. Whatever form your business premises takes – be it a commercial property, factory, holiday home, block of flats or anything else – business property insurance is essential. Contents insurance provides cover for things like computers, photocopiers and all the other fixtures and fittings your business needs to operate smoothly.

Whether you operate a single van or run a fleet of company cars, business vehicle insurance covers these important assets. Cover for tools and equipment kept inside your vehicle is also wise, as without them, your business couldn’t function properly – and goods in transit insurance is a must if you’re carrying out any kind of delivery. You may need specialist cover for some kinds of commercial vehicle, such as window cleaning vans.

Insurance for specific kinds of business

Some businesses come with their own unique set of challenges and risks that means they need specialist insurance cover – such as pub and nightclub insurance, hotel insurance or builders’ insurance. If you’re self-employed and work from home, you might want to consider home workers’ insurance, as many home insurance policies don’t provide the cover you need.

If all this sounds a lot to get your head around, don’t worry. At A-Plan, we can keep things simple by putting together a quote for all your business insurance needs on one policy. Just contact one of our business insurance experts today.