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Darren Taylor

Apr 24, 2019

Guide To Buying Business Insurance

Business insurance takes many different shapes and forms, from business contents insurance to public liability insurance. As a result, it can be difficult to know how to approach the insurance buying process and what is the appropriate cover for your business. Read on to find out everything you need to know.

When determining what type of insurance cover to go for, it is important to assess the type of company you run, and the risks that are applicable to you. Insurance is all about protecting yourself from incidents that could occur and cause havoc for you and your company, so you need to find policies that do this. Of course, there are also legal requirements that need to be adhered to.

When looking for an insurance product to buy, it makes sense to shop around for the best deals. Remember, you are not simply looking for the insurance companies offering the cheapest price. Instead, you are looking for value – a policy that offers all of the coverage you need, and does so at a good price.

When you make an application for insurance, you will need to fill out a form so that the insurers can assess your level of risk. It is vital to be 100% honest on your application. Details you will need to include are the likes of your name, type of business, address, details of the risks to the insured, and previous losses. The insurance firm will then assess your application and they will determine how much of a risk you are, enabling them to set the price for your premiums.

Different Types Of Cover

The type of insurance that you require will depend on the type and size of the company you are running, as well as your budget.

Firstly, we have public liability insurance, which will protect you against any compensation claims that have been made by a third party that has had their property damaged or suffered an injury because of your business. This is a form of general insurance that all businesses need to have. After all, no one is immune to the threat of an accident occurring. Public liability insurance covers everything from construction accidents to something as simple as someone visiting your company and tripping over a loose rug.

You also need to purchase employers’ liability insurance if you have any employees at your business, even if they are on a short-term or part-term basis. This will protect you if any of your employees become ill because of their work or if they are injured.

There are also specialist tax insurance policies. You can get IR35 insurance from Qdos Contractor, which is designed to cover you should you fall victim to an HMRC audit.

You may also want to consider looking for property cover from insurance companies. Could you afford to replace all of your stock and business equipment if it was stolen, lost or destroyed? The good news is that this is something you do not have to worry about with property insurance.

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