2022 may already be well underway, but for small businesses, it’s never too late to take on the new year with renewed strength. If you own or run a small business, insurance can be a tedious thing to organise but the right policies can really protect you from most claims and financial losses. As we ease out of Covid restrictions and back to normality, having your business well-protected financially can prepare you to take on 2022.
From public liability insurance to Goods in Transit cover, here are 6 insurance types that every small business needs in 2022.
Public Liability Insurance
Public Liability Insurance isn’t a legal requirement for your business but is a policy that we highly recommend for any company, particularly those that work directly with the public. Public Liability Insurance provides financial protection for businesses in the case of a claim made against them by a member of the public, typically for injury or damage caused during business operations. A client could trip over your tools, or a passer-by could slip on spilt chemicals, but Public Liability Insurance will provide financial cover for any compensation and legal fees associated with the claim.
Employers Liability Insurance
Employer’s Liability Insurance is a legal requirement for any business that has even just one additional employee. Your employees should be able to come to work under the knowledge that they will be safe and protected financially against any losses that have occurred following an accident or sickness or injury at work, and Employer’s Liability Insurance will provide financial support to the business to ensure this.
Tools Cover is typically an add-on to a business insurance policy that will provide financial protection against any loss, theft or damage to your tools while working. This is a particularly useful policy for those who typically use hand or power tools at work, whether they are your own, your employees’ or hired in on a temporary basis.
Professional Indemnity Insurance is an optional cover available for businesses, but one that we believe should be utilised by any business offering services or advice to their clients. Anyone providing specialist advice or services is at risk of claims from a customer or third party if the advice or service leads to injury, illness or poor results. Professional Indemnity Insurance will provide financial aid for legal services and compensation, even if your business is not at fault or liable in the case.
Office Insurance is a policy designed to protect the physical office that your business operates from, as well as the contents inside. Office Insurance can cover any office, including surgeries, floors in office blocks and even an office from home depending on your needs. This policy protects you financially in the case of any theft, damage or loss involving your space, business contents and more, including computers, systems and beyond.
Goods In Transit
If you move your own goods or goods belonging to your clients to and from locations, Goods in Transit insurance is a must-have policy in order to ensure you are protected. Also known as Stock Transit insurance, this will protect you against any loss, theft or damage of goods during the transportation, loading and unloading of goods by you and your business. This is typically an extension to Public Liability Insurance.
For more information about any of the policies listed above, or for help getting the right insurance for your business, feel free to get in touch with one of our expert advisors, today.