If you own a business, then one of the necessary expenses you have is insurance. You need to have liability insurance in place to protect your business if a client is injured in your offices or at your shop, and you need to have insurance to cover injuries to your employees while they are on the job. Here are some of the types of insurance policies you should buy to help protect your company.
Recommended Insurance Coverage
While there are several different types of insurance policies you can buy to protect your business, there are types your business is legally required to have. These policies include:
- Employers’ Liability Insurance – This type of insurance policy will protect your business if an employee is injured while performing his or her duties. The certificate showing you have the insurance must be displayed so all your employees can see it. Even if you just have a staff of part-time employees, you are still required by law to have employers’ liability insurance. Your company can face steep fines if you don’t have an adequate policy in place.
- Public Liability Insurance – Although this type of policy is not legally required, some businesses or organisations you may want to work with may require you to have a public liability insurance policy in place before they do any business with your company. A public liability policy covers you if someone, such as a client, gets injured on your premises or by something your company produces or does. These policies will cover the costs of compensation to the injured party, which includes the solicitor representing your business.
- Building Insurance – If you own the building in which your company resides, then you will need to have an insurance policy to protect it. The minimum coverage you have should help cover damages to the building in case of a fire, flood, or some other disaster. You can also buy optional coverage to replace or repair fixtures or fittings in the building, as well as any stock that you store on the premises. An insurance agent with Keystone Insurance can help you determine what level of coverage you should carry to protect the building and the property inside it.
- Motor Vehicle Insurance – If your business owns and operates company cars and/or trucks, then you are required to have at least third party insurance. While you should have comprehensive car insurance, you will need to have at least liability in case one of the vehicles is involved in an accident.
- Professional Indemnity Insurance – This type of insurance protects your business against any claims made against it by your clients for professional negligence. Many companies or organisations will require you to have PI insurance before they engage your services. Even if it is not required, you should still have PI insurance coverage if you offer services to the public or to other businesses.
An insurance agency can help you determine which insurance policies you should have to protect your business and your employees.