Are You Covered?

Choosing the Right Insurance for your Business

 

Sam Cannell, Virtual Assistant

If you are in business, you will need to protect yourself even if you are running your business from home. And that means insurance. There are several areas of insurance that you need to consider, and because they can vary in the price and what they provide, it is worthwhile seeking independent professional advice so you can be reassured you have the best cover for you and your business.

Types of Legal Liability Insurance

• Public Liability – Protects you against third party claims in the event of damage or injury to property as a result of your business activities. If you are running a web-based company from home and you never have clients visit you, you are unlikely to need it. However, if the public have access to your premises, you must have it.

• Employers Liability – if you have employees you must have this insurance. It protects your business against claims by your employees for such things as accidents and sickness.

• Professional Indemnity Insurance – This covers your business if you act in a professional manner, such as an accountant or coach. Many such professions insist you have it as a legal requirement, and in that case they usually can give you the details of specialist cover. A broker will also be able to help you find a public liability policy for the business if not covered by your home insurance. There are some all in one policies that cover homea nd small businesses and include business professional indemnity and public liability.

Types of Business Insurance

• Home Business Insurance - If you work from home, contact your existing home insurer to notify them that you are running a business from home. Some insurers may add a small amount to your premium but this will depend on the type of business you are running and whether it adds any risk to the policy. They may also cover your contents and equipment.

• Equipment and Contents Insurance - Check whether your insurer will cover computer and electrical equipment for the business as well as any stock you may store at home.

• Data Storage - Storing equipment or stock in garages, lock ups or outbuildings may complicate things and you should ensure that this will be covered under the policy.

• Laptops - If you use a laptop away from your office or home office you may also need to arrange additional cover for this.

• Car Insurance - Will you be using your car for business purposes, including seeing clients and networking events?

• Legal Insurance – Many policies allow you to include this and it is useful to have as it covers you against any legal action being taken against you.

• Personal insurance - Life, income protection, health, and illness insurance are a good idea. Running your own business means you lose the benefits provided by most employers and you need to ensure you and your family are protected if something should happen to you.