As a business owner, you need to be prepared for every eventuality. Any number of things can come along to temporarily stop you trading, and when you stop trading, you stop making money. That’s why it’s vital to have a business insurance policy in place, to make sure you’re covered should the worst actually ever happen.
The financial protection provided offered by your policy can guard against all manner of unexpected costs, including expenses in the event of any accidents, injuries or criminal activity – if you don’t have any business cover in place, it will be up to you to foot the bill for repairs, replacements, compensation or legal fees.
At uSwitchforBusiness, our insurance experts can help build a package of combined policies that’s tailored to your needs.
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Business insurance is an umbrella term for the range of policies that will make up your individual package, and the type and level of cover you take out will depend upon the needs and budget of your business.
Broadly speaking, you can take out policies to protect against the following incidents, and then add any other cover to meet the specific needs of your business:
If you employ more than one staff member, you are legally obliged to take out employers’ liability cover. This will protect you against any costs incurred if a member of your staff falls ill or gets injured while at work, and subsequently holds you responsible.
And, depending upon the type of business you run, your industry regulators might only allow you to operate if you have specific types of additional cover in place – accountants and solicitors, for example, must have professional indemnity cover as part of their package.
Just as with business energy, there are a number of different insurance providers out there, many of which offer the same service at different prices. The only way to make sure you’re getting the right cover at the best price is to compare quotes from a range of providers and pick the one that best suits your needs and budget, or take out cover with the best-priced specialist insurer for your industry.
Although cost will most likely be the main reason you opt for one quote over another, you also need to consider whether the cover on offer fits the exact needs of your business, as well as the level of customer service on offer – poor customer service is the last thing you need when making a claim. So it’s worth checking out customer satisfaction scores and online reviews to help inform your decision.
When choosing the types of cover you need, the first thing to do is identify where your business may be exposed. For example, if you have customers visiting your premises then you need to consider the financial risks if they get injured on your property. Similarly, if you store a high quantity of stock in a warehouse then it’s important to assess the potential cost of theft or damage.
There are plenty of other things to consider as well, and you’ll need to find out whether your business is legally obliged to have certain policies in place.
No two businesses are exactly the same, no matter how similar they may seem, and so there are no off-the-shelf solutions when it comes to taking out cover. That’s why it makes sense to talk to our business insurance experts, who can guide you through the process so you can choose the right business insurance policy for your business.
Whether you run a microbusiness or a business giant, we can help you compare quotes from a range of leading insurers to find the package that offers you complete cover and complete peace of mind. Call us now on 0800 188 4937, or leave a few details at the top of the page and we’ll call you back.