Business Insurance: What YOU Want to Know
Business insurance isn’t always as straightforward as it needs to be. Services and cover are constantly changing, and here in the UK especially it’s sometimes confusing remembering which business insurance products are currently required by law, and which are merely optional. It’s no wonder many business owners are turning to Google for the answers to all those tricky insurance-related questions!
Google is great, but it does have a downside – reliability. If you’re searching for something as serious as business insurance, you want to make sure that the information you receive is correct and up-to-date to avoid any unpleasant (and costly) surprises when you discover your business isn’t adequately covered. Google’s algorithm can’t always ensure it’s pointing you in the right direction – but we can!
We’ve trawled through the search engine’s history, digging out the most common business insurance questions that people have been asking. So, here’s what YOU want to know about getting covered:
What Insurance Do I Need for a Small Business?
Your business will require Employer’s Liability Insurance by law. This ensures that the business is covered in case of any accident, injury, or grievance relating to an employee. Public Liability Insurance, which protects against injury to members of the public at your premises, and Professional Indemnity Insurance, which covers you against poor or incorrect advice, are also good to have. As a small business, however, you may not wish to take out some of the more specific types of cover, such as Management Liability Insurance or e-Risk Insurance.
How Much Does Business Insurance Cost?
This is actually a very difficult question to answer. Think about your home insurance – the amount you pay will differ from your neighbour for many reasons including individual circumstances, excess, level of cover, past claims, and so on. It’s the same with business insurance. For Employer’s Liability, for example, you may find a policy for just a few hundred Pound per year. However, remember that lower cost policies usually include higher excesses. The best way to get a better idea of cost is to compare prices at compareyourbusinesscosts.com.
Do I Need Business Car Insurance?
This will really depend upon what you use your car for. If you use your vehicle to commute to and from work, then this should be covered under your regular car insurance (though it’s always best to check with your insurance provider). If, however, you use your car for business purposes – transporting goods, visiting clients, and so on – then you will need to have business car insurance to make a claim. If you make a claim through domestic car insurance for an accident that occurred during a work errand, you are committing an offence and breaking the law.