January 30, 2023


Business/Industrial Goods and Services

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

Of course, in your line of work you provide care and make careful decisions for the health of your patients and give your very best. However, this also means that insurance is vital as you could be exposed to claims. As technology advances, crime cover is becoming an increasingly vital business insurance policy to have.

  • Offers protection if you or your employee injure someone, or damage their property while you’re working.
  • With our business insurance you can easily combine different covers and choose from a list of add-ons.
  • 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.
  • Read our guide to understanding insurance terms to stay in-the-know.

The type of liability insurance you will need will depend upon your business. It’s important to note that this type of business insurance only protects the building itself. The contents, such as your office equipment you might have, will need to be covered by office contents insurance. In fact, Hiscox business insurance can support UK-based firms that trade with tools as well as those dealing in services, professional advice and knowledge. This means gas and heating engineers can benefit from our products, as can recruitment consultants, management consultants and marketing and media agencies.

Other policies, such as public liability cover, can offer invaluable reassurance and protection. Commercial public liability insurance protects your company from such third-party claims. Although it’s not a legal requirement to have this type of business insurance in the UK, it safeguards you against liability claims. Anyone can make a claim against you if they feel their property has been damaged or they have been injured as a result of your business activities. Having public liability insurance in place provides the reassurance you need for unexpected circumstances, as there are several factors you just can’t plan for.

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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.

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.

Do I Need Public Liability And Professional Indemnity Cover?

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.

The same rules apply – the bigger your client, a higher the level of cover needed. The higher the level of protection you choose, the more protected you’ll be if you’re faced with a claim for compensation. Choose too low a level of cover, and you’d be personally liable for any shortfall should a large claim be made against you. Whether your shop is online or on the high street, we’ve got you covered with our contents insurance for businesses.

This independent seal of excellence is rated by real customers. We’ve also won the Response to a Major Claim award at the Commercial Insurance Awards in March 2018. Hiscox offers specialist cover for all kinds of companies, from new micro-businesses to family enterprises and growing SMEs, across a wide range of industry sectors. Will offer protection should they have an accident or suffer an injury while on your premises. Cyber insurance, which covers you for losses relating to damage to, or loss of information from, IT systems and networks.