Explaining business insurance for business owners. In this article, you will find a breakdown of the topic of business insurance.
Why business insurance is important:
Business insurance can be a complex subject, with many internal variables that need to be examined before a decision is made. For this reason, anyone considering business insurance should first seek the advice of a reputable broker or agent.
Which business insurance is compulsory:
Employers Liability Insurance is required by law (under the Compulsory Insurance Act 1969) if you run a business. This is to provide cover if one of your employees becomes injured or becomes ill whilst working for their employer.
Different business insurance covers:
- Public liability (PL) will cover non-employees claims for injury/ physical damage caused by actions of you or your employees.
- Professional Indemnity (PI) covers you from claims from clients when they using your professional advice has caused them losses.
- Employers liability (EL) legal requirement if you have employees, covers injury and property damage to your employees whilst working for you.
- Motor – same as personal lines but covers commercial work such as carrying work equipment etc.
- Property – same as home insurance but may also include business interruption.
The reality is that there are thousands of different commercial lines insurance policies. But 99% of the time they become bundled into convenient packages generally aimed at certain types of people (e.g. farmers, shop keepers etc)
For restaurant owners, you need:
If you owned a restaurant, the type of cover you would need would be Public Liability and Employers Liability Insurance. Yet some insurers may offer Restaurant Insurance which covers any costs or revenue that you lose if the property is not open or damaged. Typically, both first two covers are part of a deal or package within the restaurant cover.
For Office owners, you need:
If you were the owner of an office then you would need to take out another form of business insurance. There are loads of specialised versions of standard business insurance.
For Taxi owners, you need:
You can get Taxi Insurance as a form of business insurance. This is because many people’s taxis are their main source of income. Plus, there are offers available for an entire fleet of taxis if the owner wants multiple cover for their business.
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We hope this helped you understand the different business insurance available for business owners. If this has interested you, we offer these covers at Axios Insurance & Reinsurance Solutions DMCC. We would be happy to help you with your insurance needs. Visit this page for our contact information.
Hope to speak soon,
Director of Axios Insurance & Reinsurance Solutions DMCC
Andy Shaw