BiB Insurance

Insurance Fact File

If you are in business there are certain insurances you must have by law and there are others that are recommended for your own good. Here are the most common types of business insurance.

You may also like to consider policies to cover your health and loss of earnings.

 

Public Liability Insurance

If your business has any direct contact with the public you must have Public Liability Insurance by law. This will cover your legal liability to third parties for damages in respect of bodily injury, death, disease or illness or for any loss of or damage to third party property arising from your business activity.

Employee Liability

This insurance protects your business against the claims of any employees you might have, including claims for accident and sickness, and is a must have whenever you employ your first member of staff, either full or part time.

Professional Indemnity Insurance

If you or your business gives advice or acts in a professional capacity in its activities, Professional Indemnity Insurance is required. This is a legal requirement in some professions such as law and accountancy but in others is highly recommended as, through no fault of your own, advice given in good faith can easily come back and haunt you at a later date if something goes wrong.

Vehicle Insurance 

If you are using any motor vehicle for any business purposes you must advise your insurance company or takeout appropriate business use insurance, be it for a car or a van. Details of the use will be required to cover different drivers if required and the value of goods being carried as well as damage to the driver and vehicle.

Home Worker Insurance

If you are working from home you will need to advise your insurance company that you are doing so or take out separate ‘Home Worker Insurance’. If you fail to do so and there is a burglary or other similar incident it is very likely that you will not be covered.

Property and Buildings Insurance

If you have separate business premises these should be insured for their full re-building cost, including professional fees and the cost of site clearance. If your landlord is insuring the premises you will still require contents insurance  

They can also discuss Rural Retailers Insurance, Event Insurance, Household Insurance an anything more specific insurance you may need.

For more information email helen.raine@bibinsurance.co.uk 01325 374237 or visit the BiB Website