It’s a fine line to tow – you only want to buy and pay for the cover your business needs, but you also want to make sure that you’re properly protected should the worst happen. 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. Reviewing employee classifications when you review your insurance policies can alert you to potentially expensive mistakes that you need to correct. A broker can help you navigate the process and select insurance cover that’s tailored to your specific needs.
Our FAQ guide to cyber-attacks for small businesses runs through the basics, key statistics and some things you can do to stay safer online. Whatever you do for a living, we offer superior service and continual innovation, as seen with ourCyberClear Academy. We won the Feefo Gold Service award in 2017 and our offering was upgraded to Platinum Service status in 2020 and 2021.
- It protects all the vital instruments you require for the day-to-day operation of your business.
- 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.
- Obtaining directors’ and officers’ liability insurance protects you if any claims are made against you in your role as company director.
- If you hire employees, you are legally required to take out at least £5 million in employers’ liability insurance.
- Tools removed when the vehicle is not being used for business purposes for more than five consecutive days.
A business professional may require you to show proof of professional indemnity insurance before hiring you as a consultant. If the people in question pursued legal action against you, public and product liability insurance would cover the costs you are liable to pay. If your business has staff – even if they’re volunteers, apprentices, contractors or temporary – then employers’ liability insurance is a legal requirement under the Employers’ Liability Act 1969. Employers’ liability insurance covers you against work-related injury or illness claims from employees. And in most cases, if you have someone working for you, it’s required by law. Small and micro businesses are often most at risk, as many couldn’t afford to face a hefty compensation or damage claim or without having business insurance in place.
That’s why personal accident insurance could be so important – if you or an employee is unable to work due to an accidental injury, we’ll keep your business healthy with up to £250 per week. If a serious accident affects your livelihood, this type of cover also pays out a lump sum. This covers the legal and compensation costs you are required to pay if an employee gets injured or becomes ill because of the work they do for you. Keep your company up-and-running no matter what with AXA’s business insurance. We offer flexible, tailored cover to help sole traders, self-employed people and small and medium-sized businesses grow. Professional indemnity insurance is also available to trades that also offer professional advice, like electrical contractors or heating engineers.
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We offer additional insurance cover for tools, stock and equipment, plus commercial landlord cover for buildings, contents and loss of rent. Cyber insurance has emerged as an increasingly essential business insurance policy to have. Once this cover is in place, you’ll have the benefit of knowing you’re protected if the property becomes damaged – in the event of a flood or fire, for instance. We know that with the right insurance, your business can flourish even when faced with a challenge. Get an online quote for business insurance today to find out how Hiscox commercial cover can keep your empire healthy. Whether you’re a hands-on sports coach or a well-versed educational consultant, it’s possible to find the right business insurance products for your needs when you generate a quote.
Meanwhile, there will be other more general items that you might rely on for your business, like your office furniture or your shop tills. Insure your business contents so that if they’re damaged by an insured event, such as fire or theft, your business keeps going. This would cover the costs of replacing or repairing things like your broken boiler and fire/burglar alarms, as long as the damage is not due to wear and tear. Professional indemnity is useful if your business offers a service or requires you to give advice to clients. If you make a professional error or give advice that is deemed negligent, you could be taken to court. This insurance also covers you if a customer or member of the public becomes ill or suffers an injury as a result of a product you have supplied.
Business insurance covers your business from unexpected losses e.g. if your equipment is stolen or you make a mistake and your clients decide to sue. As a business owner, self-employed consultant or a freelancer you need to factor certain risks in your day-to-day work. Depending on your profession you may need public liability insurance, professional indemnity insurance, contents insurance or other types of cover. Use our quote tool to check how we can help and cover your company.
With our business insurance you can easily combine different covers and choose from a list of add-ons. You’ll leave with business insurance unique to your business, no-one else’s. While you must make sure you’re not overpaying for insurance, you should guard against underinsuring yourself as it can significantly affect any claims you make if your business suffers a loss. Some trade or professional organisations offer insurance coverage to members through an affiliation with an insurance company. This coverage may be cheaper than insurance you purchase on your own. Even if the organisation doesn’t offer insurance, its members may share tips on how to obtain appropriate insurance at a good price.
We offer 50 years experience in delivering market-leading fronting and captive solutions worldwide. We deliver flexible programs that leverage our experience across the globe to help your company reduce risks. Covers you if you make a mistake or if an unhappy client says you’ve not done what was agreed – regardless of whether you’re actually at fault. It pays for your legal defence, pays to fix whatever’s wrong, and pays any compensation. You might have enough of one but you’ll need lots of all three if it’s your unlucky day. PolicyBee exists because small business insurance could, and should, be better.