An Entrepreneurs Guide to Insurance
Ok, so you have a brilliant idea and you now have a business. Without wishing to be boring, the next step is taking out the right insurance for your needs. Even the best of entrepreneurs can find this confusing, so we offer a guide as to the types of insurance you need to consider.
Public Liability Insurance
If your business involves members of the public, clients or customers visiting your premises, public liability cover is something you must look into. This particular insurance will cover you if someone is accidentally injured by you or your company whilst on your premises. It can also cover any property damage caused by your business. This insurance is an absolute must if you run a business with on-site premises which are used by your customers, or if your work could potentially damage your customers' property.
Product Liability Insurance
This policy will insure you against legal liability for damages, claimant's costs and other costs accrued from injury or damage caused by the products you supply. If you have designed and are marketing a new produce, make certain you have this insurance in place, but even if you are not involved in the manufacturing process, you would still benefit from having this cover.
Employer's Liability Insurance
As an employer you are responsible for your employee's safety and welfare whilst at work. If they are injured whilst in the workplace or become ill as a consequence of the work they do, they may seek compensation for their injury or illness. Employer's liability insurance is compulsory and will cover you for these eventualities. By law, a current certificate of employer's liability must be displayed on your premises at all times.
Commercial & Residential Property Owner's Insurance
Take care with this one – it is important to know exactly what the cover entails. Some business insurance providers offer insurance which covers your building only and then separate packages cove contents and liabilities insurance. Talk to a professional and get the best cover to suit your needs.
Professional Indemnity Insurance
Businesses which sell knowledge or skills often require Professional Indemnity Insurance as this provided protection against professional negligence. This cover will ensure you are fully insured should mistakes occur, if individuals have been found to have been negligent or have breached their professional duty. This particular type of insurance is important for businesses, or indeed individuals, who offer advice to their clients.
Talk to an insurance expert, such as Westhill Insurance Services, who can guide you through the insurance maze and provide the best advice for your new business. Now you are building an empire you don't want to be worried by the basics, so let Westhill Insurance Services slay your dragons and allow you to get on with growing your business.
Contact Westhill Insurance Services, today.