1) Public Liability Insurance
Public Liability Insurance is the most prioritised and the most common type of insurance for small businesses, as it protects the business from any bodily injury or damage that may accidentally be caused to a member of the public whether at your business’ location or whilst on their property. Though Public Liability Insurance is not required by law, it is crucial for any business that interacts with the public – even if it’s just clients visiting your workplace. Public Liability Insurance can also protect you if you’re at a customer’s property and you accidentally cause damage to something.
2) Employer’s Liability Insurance
As an employer, it is your responsibility to ensure that your employees are working in safe environment. But occasionally, employee injuries and accidents are inevitable and your employee may request compensation from you. Every business in the UK that employs a member of staff, even if you have just a single part-time volunteer working for you, is required by law to have Employer’s Liability Insurance that covers at least £5,000,000.
3) Professional Indemnity Insurance
If your small business provides any kind of consultancy or professional service then Professional Indemnity Insurance could be the best investment your business has ever made. Professional Indemnity Insurance protects against any accidental damage that may have been caused to a third-party (such as a client or customer) as a result of the business’ advice or services. There are some types of business, such as lawyers or accountants, that are legally required to carry out Professional Indemnity Insurance.
4) Business Property Insurance
Property Insurance will protect a business’ personal property (such as office furniture, computers, office equipment, etc) against many disastrous scenarios, including the event of a fire, theft, and even vandalism. Business Property Insurance also often incorporates business interruption insurance (or loss of earning insurance) as part of its policy, to protect the business’ earning should the disaster cause the business to be inoperable.
5) Commercial Auto Insurance
Insuring your company car or vehicle (e.g. van, taxi, lorry, ice-cream truck, etc) will protect your business when you’re on the road. Commercial motor insurance can cover a single commercial vehicle or a whole fleet of them.
6) Office Insurance
Whether you work from a home office or your office is based in a shared office block building, Office Insurance can be tailored specifically to your business covering against any damage to the contents of the office and the office premises itself. You can cover all your office and computer equipment and, if clients or customers visit the office, you can include a Public Liability Insurance cover to your Office Insurance to protect against public injury within your office.
7) Shop Insurance
Shop Insurance is usually offered as a complete insurance policy that covers the shop premises, the content within the shop, and public liability insurance to protect the shop against any third-party bodily injuries caused whilst on the premises. Different types of shops that could benefit from Shop Insurance can range anywhere from cafés to salons to retail outlets.