For any commercial organisation whether it’s a small or a large business having the correct business insurance policy is absolutely a must. To protect your business from the many risks associated in running any commercial business you must ensure that you know exactly what your business insurance policy provides cover for. By having the correct policy in place you can save both time, money and the headache should a claim arise. A good policy should provide all the cover needed for your business. This is where the advice of a professional business insurance broker is essential. You have invested both time and money in your business and you certainly don’t want to be left with a hefty bill for a liability claim if unprotected.

Even though Public Liability Insurance is not a mandatory requirement, it is still an important component of the business insurance package. In a culture of not to blame make a claim, this type of policy will offer protection for your business from claims against third party injury and damage.

If your organisation or business employs staff, even part-time employees then the Employers Liability Insurance is a must. In fact it is a compulsory requirement. This will provide protection against employees suing you for personal injury and property damage claims.

If your business sells, manufactures or distributes products then the Products Liability Insurance policy is needed. This will provide protection should a person be injured in the event of using your product due to a fault within the product or a defect.

If you are also giving advice to your customers then the Professional Indemnity Insurance is required. If as a result of your advice a customer suffers financial loss you could potentially be sued. The PI insurance will provide cover for any errors, omissions or bad advice given.

Property Insurance is required to cover the actual building. This is extremely useful if you own the building and are running your business from within. Even if the building is rented out it should be insured under a commercial property owners insurance policy. This will provide cover for things like fire, storm damage, flood damage etc.

The contents and fixtures component of the business insurance policy provided cover for as the name states for the actual business fixtures and contents.

There are many additional components usually packaged within the business insurance policy. Some of these can include goods in transit, money, business interruption, personal assault cover and goods in trust.

Business insurance has evolved over the years and can now be easily purchased online. With many insurers and brokers offering business insurance quotes online it has become relatively easy to obtain cover. Some websites also offer comparison quotes with many business insurance companies from a single portal. As with any other type of insurance the level of cover and terms will vary considerably. So before committing to any purchase make sure you understand exactly what you are buying and what is covered but more importantly what is not covered and any specific endorsements or warranties that apply to the policy.

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