Insurance is a very important part of your business setup, both for your own financial security and for the protection of your customers. There is a peace of mind to be had with the correct insurance type, but more importantly you are showing your staff, your shareholders, and both your existing and potential customers that you are dedicated to your professionalism and keen to reduce the potential upheaval associated with sudden or un-planned accidents or events.
Everything from the theft of business-critical tools and equipment, through to the sickness of staff (especially key staff) and the legal costs that can arise from damage to customer property or vehicular accidents, can all occur without warning.
This article provides an overview of three of the more important insurance types for businesses.
1. General Liability Insurance
If an accident of some sort occurs during a specific job or project, leading to damage, that you and your team are currently engaged in, then you may well need to turn to your general liability insurance. This type of insurance protects you, your staff and your business from the potential financial and legal repercussions.
Perhaps some damage is done to a client’s property, or maybe a disgruntled party makes a legal claim against you or your business relating to a personal injury that is alleged to have been the fault of you, your staff, or your business.
If you only get one insurance type, then this is the most important as it covers the most common risks to the average business. If you are looking for some good general liability insurance advice and a fair price then the liability insurance cost at Next Insurance is extremely good value.
2. Employer’s Liability Insurance
Regardless of whether your team is made up of full time, part time or even temporary staff members, an employer’s liability insurance product is actually a legal requirement. There are huge personal injury risks involved in many occupations, especially the construction and manufacturing industries and other professions that might involve the use of heavy machinery or perhaps operating at great heights or with hazardous materials. Should the worst happen and an accident occurs on-site leading to a personal injury claim from your employee against your business then you need to make sure you have adequate employers liability insurance in place otherwise you could be facing crippling legal expenses with little or no support.
3. Professional Indemnity Insurance
Another very important insurance product for any business that provides a professional service is professional indemnity cover. This product protects you from any legal claims made against you or you business pertaining to what an angry customer might perceive as losses incurred by professional negligence. If they feel that your advice, service or product has cost them financially then they could claim recompense and you need to remain protected against your own potential financial losses.
Insurance is an important part of any business and it’s critical that you have adequate and appropriate cover to ensure that you, your business, your staff and your customers are all protected.