Now that you have opened your brand-new business, it is essential that you keep it fully protected. After all, you have spent time investing in your products, creating a marketing plan, opening new advertisement platforms and even finding and training trustworthy staff to serve your customers. But even the best of services can go wrong, no matter how much you try to prepare for the worst. The last thing you need is for financial ruin to come from an unfortunate lawsuit. However, how much insurance do you actually need to protect your company? Here are some ideas for you to consider:
Is it Illegal to not have Insurance?
Ultimately, it is only illegal if you choose not to have insurance for business if you intend to hire employees to help you with your work. If you choose to train your employees and have them serve your customers, then you will be legally required to buy Employee Liability Insurance. This insurance will protect your company and employees from any potential accidents or injuries to customers that result in a lawsuit. It will keep your employees fully protected, though you may want to re-train them to ensure that the accident does not happen again, or at least make a note of it within an accident book. Without this insurance, your company may face up to fines of around £2500 per day. If you do not want to pay this cost, then be sure to buy Employee Liability Insurance before you get in trouble with the government.
What other forms of insurance are there for businesses?
If you want to keep your business fully protected then you may also want to consider these other forms of insurance:
- Professional Liability Insurance – Protecting the company from any claims from customers who have been harmed due to negligence or failure to perform
- Property Insurance – In order to protect your property and all of your tools within it from fire, theft or vandalism
- Workers Compensation Insurance – If your employees get hurt whilst on your premises and sue the company, this insurance will allow you to make sure that they are fully compensated whilst they are recovering.
- Product Liability Insurance – If a product fails, is broken or causes any harm or damage to the customer, your company will be covered from any potential lawsuits.
- Business Interruption Insurance – If your normal business day is interrupted by a disaster, an unruly customer or an employee, then this cover will allow you compensation for any wasted time in which you could have been working.
- Vehicle Insurance – If your business requires a driver or a Fleet Team, then this will cover their vehicles as well as the driver and any products that are within the vehicle.
Finding the Best Insurance Deals
Whilst these insurances are not compulsory to buy, you may want to consider looking into them so you can consider which insurance would best suit your business. Make sure you visit comparison or insurer’s websites, such as Be Wiser Insurance, to see who will give you the best deal.