Why your Business Needs Insurance
Getting the right business insurance has always been a complex task. Unfortunately, it is a difficult and complicated process, but it is also one that is vital to protect your business and your employees. Here’s why insurance is vital for your business:
Why do you need insurance?
Firstly, it’s the law if you have employees. On a business to business level, insurance also acts as a form of credential, showing other businesses your reliability and respectability as well as your care for health and safety in the workplace.
The risks that affect your business may be small, but they’re risks nevertheless and you need to be covered in case they become reality. Even the weather can be problematic for business and a leaking roof is unpredictable but possible. The right insurance, however, can help you sleep at night and minimise your business risk.
What do you need?
Most people see insurance as ‘a bit of a minefield’ because of the different types on offer. There are, however, some basics that need to be covered. Here are the types of insurance that you should look for:
- Employers’ Liability Insurance: This is the most common type of business insurance and it is essential for your business. As an example, if any member of your staff is taken ill, suffers injury or death and this is deemed to be as a result of their work, then you are potentially liable. For this reason, you should never be stringent when selecting Employers’ Liability Insurance.
- Motor Insurance: All drivers are aware that this is a legal requirement for their own vehicles, but are they insured on your company fleet? If they’re using your vehicles then you’ll need to make sure they are insured and that your vehicles are covered.
- Public Liability: This covers you for damage against property or your customers. This is especially necessary if you work in the public sector or retail.
If you’re unsure about what type of insurance your business needs then you should always consult the experts. Underwriters such as the ones at Catlin UK can help assess the risk that your business poses and create specialist insurance based around your niche.
To conclude, insurance is vital for your business and it is something that you have to have. Insurance will provide you with peace of mind and will protect you against a number of damages. If you’re unsure on what you need for your business, consult the professionals.