The Best Business Insurance – Tailored To Your Business
As a business owner, you know how important it is to protect yourself from the unknown. From accidents to non payment from clients, there are so many factors which can cause businesses unexpected financial loss, which can be devastating. At WeTrust we strive to match you with the best business insurance providers based on your needs. Whatever type of business cover you require, we will match you with the best insurance company and policy for you.
How It Works
What Is Business Insurance and Do I need It?
The terms business insurance actually covers a range of insurance types, including public liability insurance, employer’s liability, legal protection, and others. Which type of insurance you will need will depend on the type of business that you run and to some degree on the clients with whom you work.
What Is Professional Indemnity Insurance?
Professional indemnity insurance covers the legal costs and expenses that would be incurred in the case of claim being brought against you by a dissatisfied client, where you may have been alleged to have provide and inadequate service that has cost your client money.
Many types of business provide services, and professional indemnity insurance is not just for large companies – freelancers, sole traders and small business owners should consider whether they could bear the costs if a client were to take legal action against them.
Do I need Public Liability Insurance?
The chances are, if you are running any type of business public liability insurance will be required. Public liability insurance covers a wide range of situations in which you, your employees or any member of the public is injured in some way which is related to your business, or if you damage someone else’s property.
For example, if someone comes to your business (even if a home office) and trips and hurts themselves, a claim can be bought against you, so taking out public liability insurance is a very good idea.
If a member of your team makes deliveries and accidentally damages any part of the home they visit – this again could lead to a claim. There are a wide range of situations in which you can inadvertently attract a claim, so it is wise to ensure that you have adequate cover. Indeed, when contracting with clients, for many contracts, a requirement for your business to have a certain level of cover for public liability will form part of the contracting process.
Do I need employers’ liability insurance?
The first question is – do you have any employees? If you employ at least one person, in most cases you will be required to take outemployers’ liability insurance cover. In fact, most employers are required to have at least £5million worth of cover or face a fine of up to £2500 per day! While there are some exceptions, the majority of businesses will be required to hold employers’ liability insurance.
Employers’ liability insurance protects employees if the are inured as a result of an accident at work, or become sick as a result of their work. Should this happen, employers liability insurance will aim to meet the costs of any resulting claim and legal costs.
What Insurance do I need as a small business?
This will very much depend on the nature of your business. Employers’ liability is a legal requirement if you have at least one employee (except in limited circumstances). For most businesses, even small ones, as long as you somehow come into contact with the public, you should consider taking out public liability insurance. If you work in a b2b capacity, you may require professional indemnity, and indeed should you give advice in any capacity professional indemnity should be consider too.
While there are a wide range of insurances available, we can help you to find the right level of cover for your business.