Three Types of Business Insurance

So, you are here because you are looking for insurance for your business, and not just any insurance, the right insurance, one that suits you, your employees and your company as a whole. This alone is a start, because as an employer you are required to take out employers’ liability insurance.

You should expect personal service from your insurance broker and expect them to work closely with you to assure your insurance plan is tailored to you and accommodates any needs or worries. This will not only assure your insurance is exactly right for you, but will also put your mind at ease regarding any fears or concerns you may have.

The personal service also aims to find the most cost-effective solution for you. After working closely with you in the initial stages of creating your policy plan, your insurance broker will be knowledgeable of your future plans for your company, and through their technical knowledge and market experience, they will be able to offer you an effective insurance policy as well as advice whenever it may be needed.

1. Employers’ Liability Insurance

As mentioned above, taking out employers’ liability insurance is a requirement for all employers. This kind of insurance offers protection in the unfortunate instance of an employee suffering an injury in the workplace or whilst working for you. This insurance will cover legal expenses and compensation, if you are liable. Also included is theft and fire damage in the workplace.

2. Latent Defect Insurance

If your business is located in a new premise, latent defect insurance is definitely an option worth considering. If your property has been affected by damage attributable to defect in the design, workmanship or materials, latent defect insurance will cover the costs of such defects. The importance of latent defect insurance is highlighted through the fact that such defects may not become apparent until years after the project is complete, and so in order to ensure you are covered in the unfortunate possibility of this happening, make sure you discuss this kind of insurance with your broker.

3. Professional Indemnity Insurance

Professional indemnity insurance protects your company against compensation that can be claimed from clients who have received financial loss due to a mistake made by you. As well as this, dissatisfied clients could claim compensation for reasons that are not your fault, thus, professional indemnity insurance can help cover you in these circumstances.

These three types of insurance are all worth considering and looking into in more detail with your insurance broker. Your insurance broker will be able to guide and advise you as well as recommend the right insurance for you and create a tailor-made policy to suit your business.

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