What is Small Business Insurance?

Small business insurance is for all the businesses out there that are not large corporations and enterprises. These businesses still need adequate cover to protect them on a daily basis, due to the fact that they are smaller their profits are more precious to them and they need to ensure these are safe on a daily basis.

For this type of cover, business owners can enjoy peace of mind that their property or office is covered in the event of fire, theft or storm damage. Should anything happen to the property it won't cost them dearly to have the repairs carried out quickly and effectively enabling them to get back to work as quickly as possible.

Owning a smaller company doesn't mean that you need to lose out on the cover offered to larger businesses, you can protect your equipment, products and yourself under the policy.

You will need public liability cover if you welcome visitors to your property, this may be customers, deliver personnel or suppliers. Public liability cover is essential for every single business, this protects you when you have a claim against you should someone injure themselves while visiting your property. A claim can be for loss of income, medical and even mental distress caused by the injury and this can lead to thousands, which you are held accountable for.

It is a legal requirement in the UK to have employer's liability the minute you hire your first staff member, even though you are a smaller company, you may have a part time staff member assisting you from time to time, if they injure themselves while at work, you are responsible and having this cover in place protects both of you. It protects you from the claim and ensures the staff member is paid loss of income while recuperating.

If you advise clients on a daily basis, whether you mean to or not and they take your advise and it causes harm, you can see another liability claim coming your way for professional indemnity. Having this cover in place is an essential part of owning a company and will give you peace of mind when you give clients any advise. They don't have to follow the advise to the letter, but any injury or damage resulting in your advise can lead to a claim.

You can add additional cover such as loss of income which may be essential when you are a one man show. If you are unable to work for any reason, your company doesn't run, which results in profit loss. With small business insurance you can enjoy the benefits of knowing that every aspect of your business is taken care of.