The insurance industry in the UK represents huge business, whilst it’s also categorised as the largest in Europe and the fourth largest anywhere in the world.
Businesses makes the biggest contribution to this vast and lucrative industry, thanks to the sheer size of the assets that often need protecting and the diverse range of products available to company owners.
You have a responsibility as a business-owner to ensure that you meet all of your legal requirements in this respect, and to accomplish you should partner with an experienced insurance lawyer like Browne Jacobson.
But what types of insurance does your business need? In this post, we’ll review some of the most popular products whilst asking what they safeguard you against.
Public liability and professional indemnity insurance
Of course, some types of insurance represent grey areas for business owners, and in this respect you may need to liaise with legal insurance experts to determine the best way of safeguarding your venture and its core assets.
However, some financial products are more universally important than others, with public liability offering a relevant case in point. This is a consideration for firms that regularly comes into contact with members of the public, as it protects you against compensation claims for injury, clients or customers who injure themselves on your property.
A similar product can be found in the form of professional indemnity insurance, which is crucial if you run a legal or accountancy firm that offers trusted advice to clients and other businesses.
This will protect you if you or a colleague offers advice that subsequently costs a client money, or impacts their own commercial interests in a demonstrably negative way.
Business building insurance
This is another crucial piece of insurance, and it offers value for anyone who owns a commercial premises or officially works from home as a sole trader.
As the name suggests, business building insurance safeguards the named structure in the event of fire or damage, enabling you to make subsequent claims that can cover the cost of repairing the premises promptly.
This type of insurance can be applied to all types of commercial premises too, from offices and public houses to shops and factories.
If you rent a premises, you can also take out business contents insurance, which protects your company’s assets in the event of fire, damage or theft.
Product liability insurance
Is your business product-centric? If so, you need to consider the items that you sell as key business assets, both in terms of their value and potential cost bases.
With regards to the latter, you could face a compensation claim if a customer experiences harm or damage as a result of a faulty product that you provide.
In this instance, product liability insurance will provide some much needed coverage, both in instances where you’ve manufactured the product or simply imported it.
This is an important consideration, as it provides an additional layer of protection as you’re ultimately liable for the products that you sell.