|
Required by law
There
are a number of types of insurance that businesses
must have by law. The main type of insurance that
is legally required is employer’s liability insurance.
This type of insurance protects you from any claims
that your employees might make for accidents or sickness
that they suffer whilst at work or as a result of
work. Some businesses are not legally required to
have this insurance, but if you have insurance then
it makes sense. If anything should happen to any employee
you could be hit with a massive compensation bill
if you are uninsured.
Another
insurance that is often required is motor insurance.
If your company has any vehicles then you are required
to get at least third party insurance to cover any
damage to property or other people. It is usually
advisable to get comprehensive insurance for your
vehicles in case they are damaged or stolen. Although
it costs more, it could save you a lot money in repair
bills.
Liability
insurance
If
you are selling products to the public or have a large
number of non-employees using your business premises,
then you should consider public liability insurance.
This type of insurance will cover you in the event
that anyone is injured by your product or hurt at
your business premises. The cost of this insurance
will vary depending on what products you sell and
the size of your premises
Building
insurance
If
you have dedicated premises for your business, then
you need to make sure that the building and its contents
are insured. If you rent the building then the landlord
should be insured for the property, but you need to
make sure that the contents are fully insured. If
an accident should occur and you don’t have adequate
cover then you could lose money.
Key
man insurance
A
business relies on its key employees to make it successful,
so you should think about insuring yourself and other
top employees against health problems or accidents.
Getting health insurance for your main employees will
not only make sure that they can get back to work
as soon as possible, it will also give them a sense
of belonging to the company. If the type of work you
are involved in has the potential for accidents to
occur, then getting adequate insurance to cover this
is important. Obviously working on a building site
is going to lead to higher premiums than sitting behind
a desk.
Reducing
your premiums
Reducing
your premiums is a good way to save money for your
business. The best way to reduce the risk for the
lender and so reduce the price of insurance is to
make your business a safe and secure one. Make sure
that security systems are up to date, and that health
and safety procedures are adhered to.
Using
a broker
The easiest way to obtain business insurance is by
using an insurance broker who has expertise in your
particular business area. They will be able to help
you find the right insurer for your needs and get
you a good deal. by: Peter Kenny
|
