If you run a business, there are a number of unforeseen events which could occur and be financially damaging to you and your clients. As such, there are several different types of business insurance that should be considered – including professional indemnity insurance, public liability insurance, and employers’ liability insurance.
Professional Indemnity Insurance
Anyone who provides a service or advice to clients should seriously consider putting professional indemnity insurance in place.
With the best will in the world, and even with excellent working relationships with clients, mistakes can happen and they could have a detrimental impact on your client. In the event that significant financial loss occurs as a result of your business’ error, they will more than likely seek compensation.
Professional indemnity insurance will cover legal costs and any expenses incurred when defending the client’s claim. It will also cover the cost of any compensation you pay to the client.
Public Liability Insurance
If your business is utilised by the public, you should look at sourcing public liability insurance.
Public liability insurance covers you in the event of any personal injury or damage to the property of members of the public – for example, when a tradesman is working in the home of a customer and causes accidental damage.
If someone makes a claim against your business, public liability insurance will cover the costs incurred during the claims process.
Employers’ Liability Insurance
The Employers’ Liability (Compulsory Insurance) Act 1969 means it’s compulsory for employers to have employers’ liability insurance.
Employers’ liability insurance provides protection against claims by employees who have experienced injury or illness because of their employment, which is particularly important if it was due to a health and safety breach by the company.
HOW CAN ENNESS HELP WITH BUSINESS INSURANCE?
Enness wants to help your company grow, and not be hindered by events which are largely out of your control. We will work with you to understand your business and its requirements, making a recommendation on what the most appropriate cover is for you.
Give our team a call and we would be happy to discuss your options with you and source you the most suitable policy for protecting your business.