Running your own business can come with many risks, and in a world where litigious clams are on the rise, and people are looking to make others responsible for anything that happens to them, protecting yourself, your business, and your employees is vital.
This is where insurance premiums come into play. While it's not a legal requirement to have any type of insurance it is recommended at the very least you have public liability insurance.
Public liability insurance is designed to protect businesses, individuals and non-commercial organisations from instances where someone suffers an accident or injury where they have been found to be at fault.
But this isn't the only insurance policy your business should have; you should also consider one or all of the following if applicable.
Land Insurance
If you have an empty plot of land, parking on your premises, or your own houses, then land liability insurance uk can protect you if someone injures themselves on your land. Land insurance can have different levels of protection that buildings or public liability insurance might not cover.
You can take out land liability insurance for roads, car parks, fields, pastures, building sites and more. If the public needs to access the area even for a short period, then it's worth considering this to protect yourself.
Cyber and Data Insurance
The fine for data protection breaches is 4% of the business's annual worldwide takings or 20 million euros, whichever is greater. Can you afford this should you intentionally or intentionally fall victim to a cyber breach? If the answer is no, insurance of this kind can help you cover the costs associated with cyber breaches and fixing them. While prevention is most definitely better than cure, in this instance, an insurance policy can be an added peace of mind.
Business Interruption Insurance
This type of policy will cover you for any unexpected events that render your business unable to operate. This protects you from the occurrence of a fire or flood or something like a pandemic-level event that prevents you from trading.
Business interruption insurance covers the costs of getting back up and running and the monetary losses from not being able to run as you normally would.
Self-Employed or Sole Trader Insurance
If you are a solo outfit, you have likely poured your heart and soul into what you do. Sole trader insurance can also include professional indemnity insurance and public liability insurance but offers you added protection, too. If anything goes wrong in your business as a sole trader, you will be personally liable, so taking out a cover to protect yourself can be worth doing just in case.
Much like you would insure your home, car, and life, your business needs the same type of protection from the many threats it can face when you share trading. While some policies will offer extra protection on top of other policies, there are many things to consider before taking out all of the insurance premiums on offer. In many cases, you can build a policy that incorporates more than one policy. So, you have added protection without too many individual providers that could overlap.