Dear Business Owner, Do You Have The Correct Insurance Cover? Part 2.

In the preceding part of this article, we talked taking out an alien abduction insurance cover.

If you did, that’s fine; if you didn’t, don’t blame us when they come knocking. But back to knowing the policies that are vital for every business in the UK, how does the prospect of having your business wiped out by a single claim, sound?

I shudder at the thought of business owners who risk a £2,500 PER DAY fine by trading without certain types of insurance cover.

You are smarter than that, that is why you are doing your due diligence. The rest of this article details the exact insurance cover you need, depending on your business circumstances.

Motor Vehicle Insurance.

If your business uses any vehicles, you are required to have motor vehicle insurance. If you use your personal vehicle for business purposes, you can have your current cover upgraded to cover it for commercial use. This tends to be a bit more expensive as the car is deemed to be exposed to higher risk. If you have a fleet of different car and van sizes, some companies can arrange a convenient, all-in-one cover.

Professional Indemnity Insurance.

For service providers, P.I.I can protect you against negligence claims from dissatisfied customers. If you had given a client advice that cost them money and they took you to court, a Professional Indemnity Insurance cover could settle the value of the claim.

It used to be associated with professions in the financial services industry, but these days it is being used across more fields; from IT to marketing consultancy.

Employers Liability Insurance.

The law requires you to take out ELI of minimum of £5,000,000 if you employ one or more people to run your business. This is to protect your business from being sued for injury,or illness of your employees as a direct result of working for you.

Without Employee Liability Insurance, your business can be run into the ground if a valid claim is put through. Oh, and you would also be breaking the law.

Public Liability Insurance.

This protects a company if a member of the public is injured or has their property damaged in connection with your business. If any part of your business involves contact with the public, it is very important that you have this cover. It provides compensation to a claimant if your business is found to be at fault.

Businesses that need this include those that occupy a premises and members of the public visit them. If you worked from home and didn’t have many people visiting your home for business, you could get a lower level of cover. Many government bodies and companies won’t work with you if you don’t have this cover.

Business Interruption Insurance.

In the case of an unexpected crisis hitting your business, there will be ongoing expenses that need to be addressed. As your business won’t be earning immediately, having Business Interruption Insurance takes care of those expenses. Staff salary, stock and equipment replacement will come out of this fund. Having this really helps put the company on a more even keel, even after the worst disasters.

Product Liability Insurance.

This is used to meet the cost of compensating someone injured by a faulty product made or sold by your business. While the manufacturer is usually held responsible, other firms in the supply chain can also be sued, if their business name is on the product.

So far we have named nine different but vital insurance policies your business needs. We’ll be the first to admit that is a bit much, having to listen to and vet ten different insurance brokers would leave anyone glassy eyed. That is why many companies offer a Combined Business Insurance package.

It’s cheaper to take out and can also be tailored to specific industries. We only urge you to go through all the clauses with a fine toothcomb to make sure you are not being sold anything you don’t need.

As a reputable roller shutter door installer, SRL Limited has all the required policies taken out to protect our customers and our business. The roller shutters we supply are also insurance approved and guaranteed to provide protection. Great quality at great prices is the mantra we preach. Contact us today.

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