January 30, 2023

MONTPELLIER

Business/Industrial Goods and Services

7 Ways To Reduce The Cost Of Your Business Insurance business insurance

The kinds of crime businesses fall victim to is also changing all the time, meaning crime insurance is a fast-evolving type of commercial cover. Directors have responsibilities that go above and beyond your average employee – which is both a reward and a risk if something goes wrong. Obtaining directors’ and officers’ liability insurance protects you if any claims are made against you in your role as company director.

If someone complains about a product you’re involved in, whether your company designed, manufactured or sold the product, you’re protected against any costs. Product liability cover might be especially important in the retail and technology sectors and Hiscox can build it into your public liability cover. Public liability insurance protects your business against accidental injury and property damage claims from your customers, visitors or people you visit. Business insurance is typically made up of public liability, employers’ liability, professional indemnity, and buildings and contents insurance. Depending on what your business does, you can also add protection for terrorism, defamation, equipment – and much, much more.

  • You work hard to build your business, so we work hard to help you look after it and protect your good name.
  • Working from home doesn’t necessarily mean that you need to take out different cover, but you need to make sure that your insurer understands your situation.
  • One step ahead of crime and cover your business for these unforeseen situations.
  • Deliberately misclassifying workers in an attempt to save money is unethical, leaves employees without essential coverage, and can lead to you incurring serious financial penalties.
  • It’s built on our longevity in the sector, our global franchise, our technical expertise and our experience handling more claims against directors than anyone else.
  • Add any of the following cover options to your Small Business policy and create commercial insurance that fits your business needs.

business insurance policies can cover you for property damage, legal liability and employee-related risks, to name a few. The level of cover you need will depend on the type of business you own. As no two businesses are the same, it’s important that you get a policy that is right for you and covers exactly what you’re looking for. Some liability insurance policies are a legal requirement for businesses such as employers’ liability, whereas others such as public liability cover is prudent and recommended to protect you. The liability insurance you need will depend on factors such as business activities, size and location of your business.

Equine Insurance

Other types of commercial insurance can help to recover your IT systems and safeguard property and specialist equipment. If your main supplier or customer suffers damage to their premises and can’t trade, we’ll cover you for the loss of business you’ll suffer. Equally, if a market or fair that you regularly attend suffers a fire, we’ll cover the lost turnover for the time you can’t trade there. Business interruption will also cover you if key equipment that you use to run your business, like a laptop, is damaged or stolen, meaning you can’t trade. 2 Based on AXA Business Insurance claims made between July 2018 and June 2019. Figures based on business insurance policies purchased direct through AXA Business Insurance online or over the phone.

We don’t need your company registration number or any business registration information. All we need are details on your business address, trade type and your actual/projected turnover. The best way to find out how much it would cost to insure your business is to get a quote online – it only takes a few minutes. And remember, with AXA, you can increase your level of cover at any time in your online account – for no additional fee.

Risk Management News

Read our guide to managing small business risk in association with Courier magazine to make sure your small business doesn’t get caught out. For more information see theABI guide on insurance for your small business . If someone in your business is unable to work due to a temporary injury, then after 7 days we’ll pay their normal net weekly earnings up to £500 for up to 104 weeks. We’ll pay a lump sum of £50,000 if there is an accidental death, accidental loss of limbs or sight, or if someone in your business becomes permanently disabled following an accident. We can cover this machinery for theft and damage due to an insured event e.g. fire. We do not cover machinery that has been damaged due to wear and tear.

So, we’ve made your insurance easy to read and hassle-free to buy. Call us and you’ll talk to bright, knowledgeable people who have your interests at heart. We’ll be with you from helping you choose your cover right through to fighting your corner if you claim. Us looking out for you means you’ll spend less time doing insurance and more time doing business.

Health & Protection

It can also cover you for any lost turnover during this time if you’ve insured your premises or business property with us. Public liability insurance covers you if you cause injury to a member of the public or accidentally damage someone’s property. An example of this could include a customer slipping on a wet floor in your shop or office and hurting themselves, or you causing damage while carrying out building works on a client’s house. With AXA’s public liability insurance, you can choose to take up to £5 million cover. Remember, some clients or contracts might expect you to have a certain level of cover before working with you. For example, if you’re working for a large organisation or council authority, they’ll likely need you to have a higher level of cover.

We know that every small business or rental property is unique, which means your insurance should be too. We aim to take the hassle out of buying a policy, helping you focus on your big dreams. And as a B Corp, giving back to the communities we serve is a priority. Enter your postcode to find business support and case studies from businesses within your region. Research new procedures and technologies as they become available and make a plan to implement those that offer the greatest benefits to your business. Be consistent with training and review your safety policies often so you can make adjustments and updates as needed.

For example, if the heel snaps off a shoe someone has bought from you, causing them to fall over, or if a cupcake you sell at an event makes someone sick. So as you might expect, the cost of your business insurance will be unique too. It’ll reflect a whole host of things, like the size of your business, what your business does, and what type of activities you undertake.