Risk Issues and Insurance for Your Business

These are the insurances that need consideration…

• Public Liability Insurance – against claims from members of the public.
• Are major business assets insured?
• Keyman insurance – against the death or absence of a key employee or director.
• Building Insurance – if you own the freehold. This should be for the rebuilding cost, not market value.
• Stock.
• Business Interruption – to cover you for loss of profits if something happens and your business is interrupted through no fault of your own, such as a fire, theft, etc.
• Credit Insurance – against bad debts.
• Directors and officers insurance against any claims made personally against them for breach of duty.
• Employer’s Liability – this is compulsory if you have employees.
• Engineering Insurance – against mechanical and electrical breakdown of machinery.
• Fidelity Insurance – against employees’ theft or dishonesty.
• Fire Insurance – and other risks such as flood, storm damage, etc.
• Plate glass insurance – for shop fronts.
• Goods in transit insurance.
• Legal expenses cover – to cover legal fees in disputes.
• Product Liability – against claims arising from defective products.
• Professional Indemnity – against claims for negligence. Typically applies to many professions such as accountants, solicitors, architects, doctors, etc.
• Travel insurance – against business travel by you or your employees.
• Working from home.
• Permanent Health Insurance – to compensate you for loss of income if unable to work.