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Businesses face many risks – from physical damage to lost revenue to personal injury court cases. To help them keep afloat after losses, businesses can buy many types of business insurance that cover liability and direct damage as well as protection for employees. Our guide will help you consider which types of insurance work best for your company.
Accidents can happen and any business runs the risk of losing its reputation, cash flow and ability to survive if disaster strikes.
If an employee makes a mistake or a customer slips on your property, you could be liable for costs or get sued. Let’s say you’re a plumber and you incorrectly fix a pipe for a restaurant, which forces it to stop operating for a month. You could be forced to pay out what the restaurant would have earned in that time.
This is why business insurance exists. It offers protection for a range of things like getting sued and much more. If you don’t have insurance, you might have to pay for damages out of your own personal finances.
There are a few different types of business insurance policies out there, so you will need to decide which one is the right one for you. Below are examples of some of the types of business insurance you can find cover for:
Professional indemnity (also known as personal indemnity insurance or PII) is designed to cover the potential costs of unforeseen mistakes for both self-employed workers and businesses across many different industries.
Public liability insurance is a type of cover that protects you if your business becomes legally liable if someone is injured or their property is damaged.
Cyber insurance is designed to protect your business against a wide range of Internet-based risks and risks relating to information technology infrastructure and activities.
Business contents insurance will cover damage or loss to your possessions and equipment in your work premises as a result of fire, flood or theft.
Make sure you cross these off your list. We’ve made a table to help you determine which of the three main types of business insurance you may need:
|If your business…||You run the risk of…||Insurance can help with…|
|Product liability insurance|
|Public liability insurance|
|Professional indemnity insurance|
|Cyber liability insurance|
|Management liability insurance||Companies with:|
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