Property damage, lawsuits and lost business income.
As a small business owner, there are a lot of risks that your company and your workforce are exposed to. Obtaining the right level of insurance cover is of paramount importance, with data suggesting that as many as 80% of businesses across England and Wales have some element of underinsurance on their commercial properties, with sums insured regularly falling short of valuations by at least 20%.*
Whilst some aspects of business insurance are legally required, such as vehicle insurance and employers’ liability, there are others that will be more bespoke to your niche industry and work practices. Relying on the expert advice from a professional broker will ensure that you have the right policies and are neither under or over-insured.
What cover can I get for my small business?
– Public liability: this will cover you if someone is injured, or their property is damaged, whilst on your business premises.
– Professional indemnity: applies in cases where your advice or guidance leads to a financial loss to your customer. It is particularly important for consultative sectors.
– Business interruption: aims to cover you for loss of income during periods when you cannot carry out business as usual due to an unexpected event.
– Equipment and tools: covers any essential tools or equipment for damage or theft.
– Stock: if your business stores stock on the premises, it may be a good idea to have stock insurance. This covers you for lost, stolen or damaged stock.
– Business contents: any property on the business premises should be insured. Business contents insurance generally covers items like furniture and basic office equipment. It will not usually cover business-related tools.
Does my small business need any specific insurance policies?
Bespoke insurance packages should be sought-out for specific types of small businesses, e.g. shops, construction companies and hotels. Even if you run your business from home, it’s likely that you will still need some forms of business protection. For example, it is likely you will still have certain office equipment, so you may need a contents and cyber insurance policy in place.
If you’d like to review any existing policies or speak to our team about your insurance coverage, contact us today.
*Royal Institute of Chartered Surveyors and the Building Cost Information Service