Running your own business can come with many risks, and in a world where litigious clams are on the rise, and people are looking to make others responsible for anything that happens to them, protecting yourself, your business, and your employees is vital.
This is where insurance premiums come into play. While it's not a legal requirement to have any type of insurance it is recommended at the very least you have public liability insurance.
Public liability insurance is designed to protect businesses, individuals and non-commercial organisations from instances where someone suffers an accident or injury where they have been found to be at fault.
But this isn't the only insurance policy your business should have; you should also consider one or all of the following if applicable.
Land Insurance
If you have an empty plot of land, parking on your premises, or your own houses, then land liability insurance uk can protect you if someone injures themselves on your land. Land insurance can have different levels of protection that buildings or public liability insurance might not cover.
You can take out land liability insurance for roads, car parks, fields, pastures, building sites and more. If the public needs to access the area even for a short period, then it's worth considering this to protect yourself.
Cyber and Data Insurance
The fine for data protection breaches is 4% of the business's annual worldwide takings or 20 million euros, whichever is greater. Can you afford this should you intentionally or intentionally fall victim to a cyber breach? If the answer is no, insurance of this kind can help you cover the costs associated with cyber breaches and fixing them. While prevention is most definitely better than cure, in this instance, an insurance policy can be an added peace of mind.
Business Interruption Insurance
This type of policy will cover you for any unexpected events that render your business unable to operate. This protects you from the occurrence of a fire or flood or something like a pandemic-level event that prevents you from trading.
Business interruption insurance covers the costs of getting back up and running and the monetary losses from not being able to run as you normally would.
Self-Employed or Sole Trader Insurance
If you are a solo outfit, you have likely poured your heart and soul into what you do. Sole trader insurance can also include professional indemnity insurance and public liability insurance but offers you added protection, too. If anything goes wrong in your business as a sole trader, you will be personally liable, so taking out a cover to protect yourself can be worth doing just in case.
Much like you would insure your home, car, and life, your business needs the same type of protection from the many threats it can face when you share trading. While some policies will offer extra protection on top of other policies, there are many things to consider before taking out all of the insurance premiums on offer. In many cases, you can build a policy that incorporates more than one policy. So, you have added protection without too many individual providers that could overlap.
Vehicle Insurance
It's really important to make sure you have the right insurance for your vehicle if you're using it for work related tasks. Regular vehicle insurance won't normally allow you to use your vehicle for any kind of work related task, in fact often you are even covered for an accident if you driving to your place of work, unless your policy mentions it does! Therefore speak to your insurance company and let them know what you are going to use your vehicle for, within your business role and they'll be able to add what you need to your policy, or at least quote for what you need and this will allow you to shop around for a better deal.
Often the cost of adding business use to your policy isn't that much, unless you intend to use your vehicle for making deliveries, or transporting stock; thats quite a bit more expensive, so definitely make sure you get several quotes for this!
An important and often overlooked aspect of vehicle insurance, both for business and your private vehicle is Gap insurance. GAP insurance, or Guaranteed Asset Protection insurance, is a financial product that protects you from financial loss if your car is written off or stolen. It covers the difference between the amount your insurance company pays out and the price you originally paid for the car ,and that difference can be substantial, even if the car isn't very old, so well worth investing in, as it can make a massive difference to your payout!
If you are going to be using your vehicle a lot, then also make sure you've given some extra thought towards your Car Warranty as this is a wise financial safeguard against the expenses associated with the repair of mechanical and electrical issues in your vehicle, especially on a vehicle thats being used more frequently thats only being used for light use. The last thing you want is an unreliable car, when you are relying on it to help grow/service your business!