There are several different types of business insurance available in the UK. Some of these include Employers’ liability, Public liability, Buildings and contents, and Business interruption insurance. Each one has its own unique benefits and disadvantages, and understanding them all will help you to decide which type of policy is right for you. Fortunately, the insurance industry is booming, and there are many options available.
Employers’ liability insurance
Employers’ liability insurance for businesses can protect a business from many potential lawsuits. When someone sues a business for an injury or wrongful death caused by their employees, the insurer will often pay the damages. The insurer may also agree to settle out of court, which saves time and money by eliminating the need to go to trial. If a settlement is reached, the insurer will reimburse the costs up to the policy limit. However, it is important to remember that employers’ liability insurance coverage is not comprehensive and may not cover all types of injuries. Consequently, if you’re a small business, you may need to seek other insurance coverage to protect your business.
Employers’ liability insurance for businesses is essential for many businesses. Without it, you will be facing potentially devastating legal expenses that can devastate your business. The law recognizes five types of lawsuits against employers. While workers’ compensation insurance covers many injuries sustained by employees, employers’ liability insurance covers many other legal liabilities related to employee injuries. For example, a lawsuit may occur if an employee slips on a wet floor or is exposed to asbestos in the workplace. In addition to employee injuries, employers’ liability insurance also protects businesses from monetary judgments that are associated with employee accidents.
Public liability insurance
Public liability insurance is a form of liability insurance that protects your business against the risk of claims brought against you. The amount of cover you need depends on the type of work you do and the level of risk you are exposed to. Some government agencies require you to have a minimum level of cover and some clients will insist on a certain level of cover. You can contact a business insurance specialist for advice on the appropriate level of coverage.
If your business has an office-based location, public liability insurance is particularly important. Even if your office does not regularly welcome customers or clients, it may be liable for injuries suffered by visitors. Even if you do not have clients or employees working for you, public liability insurance can help safeguard your finances and business reputation.
If you employ other people, you must also get employers’ liability insurance. This type of insurance covers you and your employees up to PS5 million. However, it will not cover stock or equipment.
Business interruption insurance
A recent case involving business interruption insurance has highlighted the importance of defining a business interruption event and ensuring that your policy includes this type of coverage. The High Court ruled in favor of policyholders in this case, and a subsequent decision by the Supreme Court clarified the matter. While the decision is not final, it provides some guidance for policyholders and insurance providers alike.
The cost of business interruption insurance varies, depending on the level of coverage you require. You can ask your insurer for a quote online or over the phone. If you already have insurance, you can also make a claim directly from the insurer’s website. Simply fill out a form or email the appropriate department and they will contact you to discuss your needs.
The FCA publishes useful information on business interruption insurance. Their website contains a policy checker that provides an overview of the cover available.