Small business insurance – are you covered?

When you run your own small business, it can be easy to overlook some of the fundamentals. But there are some essentials you should always make time for – like sorting out your business insurance; here’s what you should think about.

Employers’ liability (EL) insurance: you’ll need this by law if you have any employees (even part-time ones). If you’re caught without EL when you should have it, then you could be fined £2,500* for every day that you aren’t covered. There are a few exceptions to the rule – such as if your employees are close family members; but always check what applies before making assumptions.

Buildings and contents insurance: this will cover you for insured events at your business premises – such as fire, flood, theft, or malicious damage. If you work from home and keep equipment or stock on your property, then make sure you’ve read the small print in your home insurance policy, as you may not be adequately covered.

Public liability: this covers you for claims made by the public in relation to damage, injury, or death.

Product liability: this covers you for claims made by the public if a product you’ve designed, manufactured, or supplied, does damage or causes injury.

A number of other liability insurance policies are also available – such as professional indemnity cover; environmental liability; directors and officers insurance; and legal expenses cover.

Ultimately, there’s no one size fits all when it comes to business insurance, and the most appropriate cover will depend on the nature of your small business. Before you sign on the dotted line, always make sure you fully understand the terms and conditions set out – because the last thing you want in the middle of a claim, is an unwanted surprise. To make sure you’ve got the cover you need, contact MENTA Patron, Hugh J Boswell for friendly and expert advice.

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