Insurance That Every Business Needs

Updated April 2019

Insurance That Every Business Should Have

When it comes to starting up a new business, it can be a bit of a minefield navigating your way through the maze of regulations that have to be followed. To ensure your business is a success, to protect yourself, and to protect your employees, there are a lot of steps to be taken. Business Insurance is just one of these steps – but it can be a tricky one. With so many insurance types and providers out there, what exactly does a new business require? Here are a few that you should consider to keep your business protected and running smoothly.

Employer’s Liability Insurance

Under the Employer’s Liability Act of 1969, you are required by law to have this insurance if you employ any number of staff – the exemption being if you only employ close family members. Along with this insurance you will acquire a certificate to prove your cover; this certificate must be placed somewhere where all staff can view it. If you have over 5 members of staff, you will also require a Health and Safety Policy.

Professional Indemnity Insurance

This type of insurance is vital if your business provides a professional service or advice – some professional bodies even require this type of insurance to be mandatory among their members. The purpose of this indemnity insurance is to protect you if you face a claim from a client who has faced loss or damage as a result of your services.

Property Insurance

If you own a property it is vital that you have it properly insured – similarly, if you are renting, make sure you check with the landlord what the insurance is covering. Property insurance should cover both business interruption and contents insurance. This means that all tools, equipment, computers, and whatever else is needed to run your business are protected, and the cover should be able to replace or repair all items. Similarly, business interruption insurance provides cover for any loss of profits if you have to temporarily stop trading due to damage to your property.

Public Liability Insurance

Cover for when a member of the public hurts themselves while on your property. This insurance will provide compensation for when accidents happen in the workplace. In order to minimise such risks, it is important that any hazards are clearly marked out to make visitors aware of them. Businesses where this is of most importance are ones where the public are being frequently dealt with, such as shops.

Data Breach Insurance

As businesses are becoming more and more reliant on computers, this insurance is becoming increasingly important. If your business stores a lot of delicate information digitally, the loss or damage of such details in the case of an accident or a cyber attack could be devastating to your company. Should this information be accessed, your data breach insurance will cover the costs for your business.

These are just a few of the types of insurance you should consider when starting up your new business. Of course, not all may be applicable to you – and there may be some we have not mentioned that could be vital to your business, such as vehicle insurance. Rather than taking out a number of policies, we recommend you look into business insurance packages to see which one fits you best.

BMG Insurance are a friendly and reliable insurance company that can advise you on all your insurance needs. Give them a call on 028 3833 4791 or have a look at their website to request a free quote: