Business Insurance: What You Need To Have
Gone are the days when all you needed was charm, patter that would capture the attention of passers-by and a fancy looking market stall to trade. These days you need much more than that – you need to wear many different hats as a small business owner, the insurance hunter’s hat among them.
And no, the insurance hunter isn’t one of those furry hats with the flappy ear covers – it’s one of attention to detail and number crunching.
What Do I Actually Need By Law?
Well, that largely depends on what you actually do in the course of your business. But in general, a business will only require one type of insurance (by law) to trade – if you employ someone, that is.
If you employ anyone, even a temp worker or contractor you’re going to need what’s called Employer’s Liability Insurance. This covers you for a range of different mishaps from accidents at work to serious ill health arising from the work they carry out for you.
For most businesses that’s all they will require – legally. However, that does depend on your business and industry. If it involves vehicles for example, you’ll need motor vehicle insurance or if you’re a solicitor you’ll require a specific insurance policy to practice by law.
Policies To Consider
If you deal with the public, consider public liability Insurance. It gives you cover if someone is injured or someone’s property is damaged because of your business.
If you give advice as part of your business, consider professional indemnity insurance. If your advice is followed and it all goes belly up, you’ll have cover for it -providing it wasn’t wildly negligent.
It might surprise many of you that more insurance isn’t required by law. When you’re a small business owner there is much to consider, admin and accounts included. That’s where we can come in, as your trusted accountants and business advisor. To find out what we can do for you, contact us now.