As a standard, all businesses should be covered by adequate insurance. For SMEs, having specialised protection in place to reflect specific sectors is even more essential as, when things go wrong, smaller firms are usually much more financially vulnerable and less equipped to deal with damages than larger ones.
So if you are an entrepreneur all set on launching an exciting start-up company, here is a guide to the core elements of a small business insurance plan you definitely do not want to miss…
Public Liability Insurance
An absolute essential for every type of small business, public liability insurance covers the potentially huge cost of damages should a member of the public decide to take legal action.
The reasons why this might happen vary from somebody being injured on your business premises after tripping on uneven flooring to a situation where personal belongings go missing or are damaged due to lax security.
For public-facing businesses such as shops, cafes, pubs and restaurants, this kind of insurance is obviously ever more imperative.
Employers’ Liability Insurance
If you have one or more employees, your business will need to be protected by employers’ liability insurance.
This element provides cover if a member of staff takes action after being injured at work or getting a work-related illness. Besides being an integral component of any SME insurance package, having this cover if you’re an employer is also a legal requirement.
Professional Indemnity Insurance
Does your business offer professional advice to customers? If yes is the answer then professional indemnity insurance is a vital part of a solid insurance plan.
This cover protects you against any action taken as a result of a client incurring financial loss as a result of incorrect or misleading information you have given them. Besides covering the potentially massive cost of compensation, this type of business insurance also covers the expenses of any legal proceedings.
Every business has unique needs and this must be reflected in the business plan. This is why The Insurance Octopus provides a variety of bespoke options relevant to different kinds of industries across the SME sector.
Why not get in touch to chat to an insurance consultant about your business requirements today?