Business insurance is important for a small business, however with many different options available for different businesses needs, it can be a confusing topic.
Here are some of the insurance options to consider:
Public liability insurance
Probably the most important insurance as it is essential for businesses interacting with the general public and meeting clients face-to-face. If either of these parties injure themselves while you're working, this type of insurance will cover any claims and legal fees.
Employer's liability insurance
It's a legal requirement to have this type of insurance if you have any employees. This will help cover the costs of claims made by employees who have been injured or get ill while working for you.
Professional indemnity insurance
This type of insurance is for businesses providing knowledge, advice or skills as part of their work. It will help cover the costs of any claims or legal fees if a client experiences damaged reputation, loss of sales or similar cases.
Business interruption insurance
If you take out this policy, you'll be covered for any loss of sales during unforeseen circumstances such as floods and fires.
Each insurance policy will be different depending on who you go with, so don't be afraid to shop around - the extent and costs will also vary from company to company.