Protecting your Business

Your business needs to be protected from unforeseen threats and risks. A robbery, fire or employee injury may destroy everything your company stands for. Protect yourself from the unforeseen and make sure your business can survive, you should purchase the right business insurance.

The policy can ensure you are protected from a range of risks. Every business is different, therefore insurances come in different forms with differing levels of cover.

Your Needs

You will need a number of insurances to protect your business assets from possible loss or damage and to protect you from any potential liability. The following insurances are common, highly practical and in some cases a legal requirement.

• Employers liability insurance If you employ anyone outside your immediate family, you are required by law to purchase employer's liability insurance. This offers you protection for any liability arising from injury or illness sustained by employees while they are working for you.
• Motor insurance If you use a motor vehicle for your business, you have to insure a minimum third party liability by law. You should also strongly consider extending your protection to cover your motor vehicle from collision and theft and any equipment and goods carried.
• Public liability Protects you from any liabilities to a Third Party (other than your employees) for bodily injury or damage to their property that may occur during the normal operation of your business.
• Material damage insurance There are several different insurances that are designed to cover your various assets (building, computer equipment, stock, or contents) from loss or damage caused by fire, flood, theft or other disasters.
• Business interruption insurance This covers you from loss of turnover or trading profits caused by damage to your property preventing the normal operation of your business.
• Money insurance In specific circumstances this will reimburse you for money lost or stolen from the premises, your home or whilst you are moving it to another location.
• Goods in transit insurance Covers you for accidental loss, destruction or damage to goods in transit and the cost of alternative transport if needed.

Things to consider

• Excess You will normally be required to pay the first percentage of any claim. Usually the premium can be reduced by increasing the Excess amount.
• Amounts insured It's your responsibility, and important, to supply accurate information to the insurance company as to the value of your assets. In some circumstances, incorrectly valuing the amount to be insured could affect your claim. If you cover your assets for more than they are worth (over-insure), you will pay a higher premium than necessary. If you cover your assets for less then they are worth (under-insure), you will not receive enough compensation to cover your losses.
• Pre-set Conditions and Exclusions Understanding how the cover works is critical. Ensure you understand any pre-set conditions and exclusions that apply to the cover. e.g some cover is dependent on you having a fitted alarm or securing equipment in a particular way. Full conditions can be found in the policy wording and shown on your quote schedule.

Why not ring 'Mortgagehunters' now to arrange your business insurances ?