If you employ staff, even if it's only one other person, the minimum legal requirement is to have employers' liability cover. Not only does this protect you and your business from any claims made by an employee, it also protects your workers in case they become injured at work.
Other levels of business insurance are optional, but highly advised to ensure that your daily operations continue to work smoothly. As every business is different, insuring various aspects of your business will involve tailoring a policy to meet specific requirements.
By getting the right insurance cover in place, you can make sure that your business, staff, resources, assets and clients are all protected. In the case of tools and equipment used by your business or any stock that you sell, you may need to think about the value of these, and whether you would require new-for-old cover if anything needs to be replaced.
Ultimately, having a comprehensive business insurance policy is all about ensuring your business is protected from any situation that could result in you facing serious financial losses. Whether it's an unexpected interruption to your operations or potential legal action from employees or customers, appropriate insurance helps to keep your business safe from significant impacts.
In today's financial climate, running a small business can be tough enough as it is, without the added worry of things taking an unexpected turn. By getting the right level of commercial business insurance, you can take a load off your mind being safe in the knowledge that any sudden losses are taken care of.
Liability for the public or your own employees will ensure you don't suffer any massive financial impact if staff members or customers are injured on your premises. The right insurance policy can also cover you for theft or damages to your property, including inventory, tools and assets you rely on for running your business.
Alternatively, if you operate as an independent contractor, a suitable business insurance policy should be able to cover you while you're out and about. Carrying out work in different locations will generally mean you have no fixed premises, but you may have a van for various tools and equipment. Keeping the vehicle and its contents insured in case of damage or theft will be vital to maintaining your livelihood, so it certainly pays to find the right policy to suit your specific needs.
The type of business you run will greatly affect the insurance policy you look for. For example, offices will generally only be accessed by employees and authorised guests, whilst the likes of shops, restaurants and hotels may be freely accessible to the general public. This will determine the level of liability cover you will require.
The service you provide and the potential for risk can also be a factor. Restaurants and cafés serving food will need to make sure that professional levels of conduct and hygiene are maintained, while leisure and activity centres should carry out suitable risk assessments to ensure public safety.
For further information on the levels of insurance suitable for specific business types and how we can help, check out any of our Specialist Insurance pages below.
Arkwright Insurance is committed to helping business owners by finding the right policy to matches you, your business needs and your budget. While you'll want a business insurance policy that's competitively priced, it also needs to provide comprehensive cover that is wide enough to insure all the important aspects of your operations.
You can also find out more about liability cover options by looking at our Liability Insurance page and exploring specific areas on employee liability, public liability and professional indemnity, amongst many others.
Our dedicated team of insurance professionals can help you with any questions you may have and help find the right business insurance policy for you. If you are looking to insure a small business, larger enterprise or commercial property, give the Arkwright team a call today on 01204 392 525.