Building a business is a bit like raising a child: you nurture it through the delicate early stages, then all of a sudden the company finds its feet and the risks start multiplying. Scaling up is hugely exciting, but as the pace of trade quickens, it\u2019s easy to feel a bit lost and uncertain about your risk profile.<\/p>\n
There\u2019s a simple answer to these worries: commercial insurance. This is a type of cover that protects businesses from a range of threats, from damage to property to personal injury to employees.<\/p>\n
The basics: public liability and employer\u2019s liability Public liability insurance provides cover in case someone is injured or their property is damaged on your premises. Even if your workplace is not open to visitors regularly, it\u2019s still wise to consider this type of insurance. Even if it\u2019s only a courier slipping on some loose carpeting, you could still be held liable.<\/p>\n Employer\u2019s liability insurance covers you for injury to employees in the course of their work. This can include unpaid volunteers, part-time or temporary workers and subcontractors.<\/p>\n Depending on the unique characteristics of your business, you\u2019ll probably need some other types of insurance as well. Insurance can be the life jacket that keeps your business afloat if a problem occurs. Let\u2019s consider some of the other insurance policies you might want to consider.<\/p>\n Even if you\u2019re confident that you\u2019ve done the right thing by a client, defending a claim can be costly. This type of insurance provides cover for compensation and legal costs if a claim is brought against you.<\/p>\n If your business uses a lot of specialist equipment, there might be a specialist policy which would suit you. For example, insurers often offer IT equipment cover, plant and machinery or tools and equipment insurance. These types of cover reflect the unique value and characteristics of your company.<\/p>\n How are you protecting your business as it grows and develops? Are you confident that you\u2019re not being exposed to significant risks?<\/p>\n If you would like to discuss any of these insurance policies with us give us a call on 01782 740044 or email info@ambinsurance.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":" Building a business is a bit like raising a child: you nurture it through the delicate early stages, then all of a sudden the company finds its feet and the risks start multiplying. Scaling up is hugely exciting, but as the pace of trade quickens,…<\/p>\n","protected":false},"author":499,"featured_media":24002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[],"class_list":["post-24001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial"],"yoast_head":"\n
\n<\/strong>The detail of a policy will vary depending on your individual business circumstances, but almost all policies cover public liability and employer\u2019s liability. These forms of cover are usually required by law.<\/p>\n
\nCan I get by with the bare minimum?
\n<\/strong>When you\u2019re starting out building a business, it\u2019s understandable that you would want to keep your overheads, such as insurance premiums, as low as possible. However, it can be a false economy to stick with just employer\u2019s liability and public liability insurance if this doesn\u2019t cover your risk profile.<\/p>\n
\nProfessional indemnity insurance
\n<\/strong>No matter how good you are at your business, it\u2019s possible to make mistakes. Professional indemnity insurance provides cover against claims brought against you on the basis that you didn\u2019t complete work properly or gave incorrect advice.<\/p>\n
\nBusiness buildings insurance
\n<\/strong>If you have business premises, for example an office, shop, or restaurant, you\u2019ll need to have cover to guard against risks to the building. This could be anything from a car crashing into your front wall to the roof blowing off in high winds.<\/p>\n
\nBusiness contents insurance
\n<\/strong>As recent floods have demonstrated, it doesn\u2019t take long for a business premises to be wiped out, whether this is from water, fire, burglary or any other reason. It can cost thousands of pounds to fit out an office \u2013 more if you include electronic equipment or specialist devices. Having insurance will help protect you from these losses.<\/p>\n
\nProduct Liability Insurance
\n<\/strong>If your business makes something, you\u2019ll almost certainly need product liability insurance. This provides protection if your products have a flaw which causes loss or damage to a customer or third party, for example through contamination or faulty components.<\/p>\n
\nBusiness interruption insurance
\n<\/strong>It\u2019s a sad truth that most small businesses don\u2019t make it \u2013 when times get tough, they don\u2019t have enough resource to weather the storm. Business interruption insurance is there to help you through. Cover for damage due to fire or flood usually only covers damage to property, for example, leaving you to cope with an abrupt loss of financial income for months or even years. This type of insurance helps to bridge the gap.<\/p>\n