to put your small business out of business.
Public Liability Insurance explained.
2. Professional Indemnity Insurance
If your small business provides a professional service or advice, thenProfessional Indemnity insurance (PI) is a no-brainer. Designed to protect professionals against liability for damages and legal costs, a PI policy
covers the associated legal costs of defending yourself from claims arising
from an act, omission or breach of duty during the course of your work.
It is important to be aware that your Public Liability policy does not protect
you if there is a financial loss only or if the loss was caused by a breach of
your professional duty.
Common types of professions that take out Professional Indemnity
insurance include real estate agents, consultants and accountants,
however, there are plenty more. For many professions, it is a requirement
to have a PI policy before they even start to offer their services. Every
industry has its own level of risks which can be tailored for with a policy
specific to the profession.
Professional Indemnity Insurance explained.
3. Business Insurance
Often sold as a business pack, business insurance offers an array of
different coverage options to select from, with the most common being
Building, Contents, Theft and Glass cover. These coverages are designed
to protect your business assets from losses caused by unpredictable
events like storm, fire, theft or even accidental damage.
Portable Equipment cover can even provide protection for your valuable
business assets while you’re on the move, including cover for mobiles,
laptops and tools of trade from accidental loss or damage.
Every business will have its own unique risks and insurance needs, so take
the time to insure the things your business couldn’t afford to function
without. Business Insurance explained.
4. Business Interruption
Stop for a moment and consider how your business could survive if it had
to close its doors due to an unforeseeable disaster? The impact of a fire,
storm or theft could mean having to rebuild your business from scratch, or
even a small disruption like a burst water pipe could see you out of
business temporarily. How would this disruption financially impact your
While your Business Insurance will help cover your business assets,
Business Interruption assists your business when it is no longer earning
any revenue, or if your revenue suddenly dropped as a result from
interruption caused by material damage events.
5. Management Liability Insurance