The three ‘must haves’

1. Employers’ Liability Insurance

Even if you have just one temporary employee, you’re required by law to have a valid Employers’ Liability Insurance policy and to display it where staff can see it.

The exceptions to this could be if you’re a sole trader employing close family members or if you have only one employee who owns 50% or more of the share capital.

If you’re unsure, talk to us as we can advise on what you need and what you don’t.

2. Business Buildings Insurance

If you own commercial premises, Business Buildings Insurance is another ‘must-have’.

3. Vehicle Insurance

If your business has company cars, vans or other vehicles, at a minimum you need to have third-party vehicle insurance or, ideally, a fully comprehensive policy.

The ‘should haves’

1. Contents Insurance

It’s always a good idea to add Contents Insurance to your Business Buildings Insurance policy to cover yourself against damage to any fixtures, fittings and stock held on your premises.

2. Intellectual Property Insurance

It’s as important to protect your company’s intangible assets as it is to safeguard its physical assets.

An Intellectual Property Insurance policy helps you defend your company’s copyrights, design rights, patents and trademarks if you feel another organisation has infringed upon them.

3. Business Continuity Insurance

Business Interruption or Business Continuity Insurance would cover you for loss of income if your business couldn’t operate as usual due to an unexpected event, such as fire, storm, flooding, the breakdown of essential equipment or something preventing access to your premises.

4. Cyber Insurance

Cyber Insurance should be a serious consideration if your business relies heavily on IT systems and websites, if you process payment information or if you hold sensitive customer details such as names, addresses or banking information.

Policies are available covering first-party risks, such as business interruption from network downtime, alongside third-party risks, such as compensation claims following a breach of security or privacy.

Protecting yourself and your people

Staff can be one of your most valuable assets, with abilities, knowledge and experience that can’t easily be replaced.

If your people travel for work, a good Employee Travel Insurance policy will cover them and their belongings whilst abroad.

Covering your business in case things go wrong

It’s worth considering a range of additional insurance products to suit the specific type of business you’re in.

Goods In Transit Insurance, for example, is important for any business moving stock from one location to another.

If you make, repair or sell products, Product Liability Cover can protect your business in the event of injury or damage caused by your products or your employees’ workmanship.

If your business is in manufacturing, Pollution Risk Insurance can be invaluable in the event your organisation is found to have polluted the environment.

If you’d like to discuss any aspect of your business insurance, we’re here to help, with no obligation whatsoever.

Give us a call today and make sure your business is covered for the year ahead.