If you’re a business owner or soon to be a business owner, one big concern of yours should be insurance. Although it’s an expense you’d rather not pay, it’s illegal not to have it. You must make sure you’re properly protected with the right level of insurance cover. Let’s take a look at a few different types of insurance to see what you need:

Public Liability

This type of insurance is to protect you from claims made from somebody outside of your business. This may be due to an injury to them, or damage to their property. If this is possible in your line of work, then you need this type of insurance. You may need to use this type of insurance if a visitor trips and falls in your premises, for instance. However, it may also be needed to cover more serious accidents.

Employers Liability

If you have employees, full time, part time, or short term, you must have employers liability insurance. You will get into trouble if you don’t, as it is against the law. If an employee is injured or gets ill because of their work, they may want compensation from you. That’s where this insurance comes into it.

Property

Think about this: if your premises was robbed, would you be able to replace everything? Could you afford to fix up the place if it was damaged? Property insurance will protect your building and the assets inside. You need to make sure you’re covered for an accurate sum, however. Make sure you do the maths properly. In some cases you may even need to protect a vacant property if you own it. You can nearly always get cheaper insurance cover by putting security measures into place. Remember that you can’t pick the things you want to be covered, you must calculate the total cost of the property.

Professional Indemnity

Business people often give their knowledge and advice to others. You may be doing this in the form of creating designs, or by simply having a conversation with your customers. However, if a client loses out because you make an error or because your work isn’t up to standard, they might want compensation. In some cases, you’ll feel like you haven’t done anything wrong. You’ll still have to pay out legal costs to defend yourself and your business. This type of insurance can help you.

Hopefully, this post has helped you with any confusion you had over securing insurance cover. You must have the insurance you’re legally required to have, as well as insurance you feel will give you peace of mind and help in an emergency. All you need to ensure is that you have the right level of cover. It’s useless having the right type of insurance cover if you don’t have the correct level. You’ll still be left in the lurch in event of an emergency, and you will have wasted money.

Choose suitable policies with the right level of cover and you’ll be protected!