What Insurance Does An Essex Business Need?
There are different types of insurance and different levels of cover available depending on the nature of your business. The best way to determine exactly what you need is to speak with a broker who specialises in your particular industry in your particular area. To get you off to a head start – these are the types of insurance policies you are likely to discuss with your local broker…
Covering Against Business Risk
- Property insurance – It isn’t a legal requirement, but you’d be foolish to not insure your business premises as it protects against losses from the likes of fire, flood, storms and vandalism.
- Public Liability insurance – This insurance covers your business against claims made by third parties (the public) who believe your negligence has caused damage, injury or death.
- Business interruption insurance – Often part of your Property Insurance, covering the financial losses associated with reduced turnover after damage to your business premises.
- Environmental Liability – A must if your business deals with products that have potential to harm the environment or cause pollution.
- Professional Indemnity insurance – Essential for professionals such as lawyers, accountants and architects whose expertise is relied upon. As well as health professionals such as personal trainers. It provides cover against “poor advice” that has been proven to have caused damage or harm.
- Product Liability insurance – If you sell goods this protects the business in the event of a defect causing injury or damage. Just one word here – Samsung.
- Product Recall – No need to mention the S word again, but you get the picture, it costs a lot of money to recall a faulty product!
- Legal Expenses Insurance – Increasingly popular for small businesses, and used to cover costs when pursuing legal action not covered by a specific policy.
Protecting Your Employees
- Personal Accident and Sickness insurance – Covers the cost of employing replacement staff in the event that your regular team is unable to work due to sickness or injury.
- Private Medical Insurance – Having this in place can speed up recovery time of sick or injured team members, resulting in less downtime, and losses associated with temporary staff.
- Travel Insurance – Not an essential, but definitely worthwhile if you have staff that travel abroad for business meetings. Ensure it covers repatriation, cancellation, and public liability as well as lost baggage.
Limiting Your Financial Exposure
- Trade Credit Insurance – Protects from losses caused by bad debt and may even cover the costs of a debt collector.
- Fidelity Guarantee – Worth having if you have high staff turnover as it protects against opportunistic employees stealing stock or money.
- Money Insurance – Providing cover in the event cash or cheques are stolen either on your premises or during transit – such as taking to the bank to pay in.
The Insurance experts are a team of specialist insurance brokers in the heart of Essex providing a personal and informative service to a wide range of businesses in the area. Get in touch with one of our team members for advice about how to ensure your business is properly protected.