No business is immune to unpredictable risks. The appropriate insurance deal can provide peace of mind and ensure your company will survive even the most severe setback, be it a fire, theft, injury or accident.
Some insurance providers offer comprehensive and flexible packaged deals that will not only cut down on paperwork and cover against the most common business threats but may also be cheaper than a series of specific deals.
Whether as part of a wholesale package, or bought individually, the following insurances will be vital for most firms:
- All employers are obliged to have employer's liability insurance to protect against liability for any injury or illnesses sustained by employees at work.
- Make sure you protect assets such as premises, contents, stock and machinery with a suitable material damage insurance deal against loss or damage in case of specified causes such as fire, theft or flooding.
- Damage to property may prevent normal business operations. Guard against profit losses as a result of interrupted trading with business interruption insurance.
- Stolen funds can be reimbursed in specific circumstances via a money insurance deal.
- The accidental damage, destruction or loss of merchandise in transit can be covered with goods in transit insurance. A good deal will factor in the cost of alternative transport.
- Public liability insurance ensures that you are not liable for any bodily injury or damage to property sustained by a third party on your business premises.
- If you manufacture or supply goods, products liability insurance will protect you against damage inflicted to a third party or their property by the item.
- Any vehicles used for business purposes will need the appropriate motor insurance. British law dictates that this should include protection against third party liability at the very least, although a deal that also covers collisions and theft is highly recommended.