Keeping Your Commercial Business Covered

It might surprise you to know that there are many different types of business insurance, depending on what your actual business is, how it is carried out and what you need to run your business.

The fact is that we all need insurance of one kind or another because we may all be at risk from natural disasters or prosecution for negligence. In business the risks are multiplied and your responsibility increased. Business insurance is often referred to as commercial insurance, particularly where buildings and vehicles are concerned.

If you run a business and you employ other people then you will need employers' liability insurance, if you employ only one person then employer liability is a legal requirement and covers you if the person is harmed or falls ill as a result of their work.

When members of the public have access to your business then you should have public liability insurance as it is designed to give you protection in the event that a member of the public is injured on your premises and makes a claim against your company.

You will need to take out cover for the premises in which your business is conducted and will need commercial premises building and contents insurance which will protect against damage to the building and damage to or theft of the contents. Along with buildings and contents insurance some companies offer business interruption cover, if this is not offered then you should ask if it is available.

You may not think that anything is going to interrupt your business but if something serious happens to the premises in which you work and the place needs a significant overhaul or even a rebuild, then this could impact quite badly on the running of your business.

Should you run a shop then you will need extra cover for certain goods, especially foods that liable to spoil. Your liability cover may need to include a clause that protects you in case of damage to nearby buildings from your building. You will need commercial vehicle insurance for any vehicle that is used primarily for company business if you make deliveries during the course of your business then you need cover for goods in transit, especially if the goods you are moving actually belong to someone else.

Employees are often required to drive the company vehicle and if this is the case they should be insured as named drivers. One more thing you may want to consider is fleet insurance if your business uses more than one or two vehicles.

Whatever level of commercial insurance you need, it is always a good idea to do your homework first. Try for several quotes rather than accepting the first one that you are given, insurers do differ in their perception of risk and you want a quote that fits your budget.

by: Tom Jones

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