The Different Types of Business Insurance

In the UK there are many different types of Business Insurance. It's because of this diversity that the options available can sometimes be confusing. So for a new business that has no staff or an existing enterprise with teams of employees it's important to decide what level of insurance you must have and those that are advisable.

Here is a list of 16 different types of Business Insurance you might consider.

Employers' Liability Insurance - The Employers' Liability (Compulsory Insurance) Act 1969 requires that employees be covered against injuries whilst doing their job - Mandatory.

Motor vehicle insurance - Most business policies are comprehensive or third party, fire and theft. Legally you must, at least, insure your legal liability for injury to others and damage to their property - Mandatory. If you use private vehicles for business use, make sure the relevant policy accounts for this.

Professional indemnity insurance - Protects businesses against injury, loss, or damage, arising from their professional negligence or that of their employees. Depending on your industry certain profession MUST have insurance, these include; architects, accountants, solicitors, surveyors, insurance brokers and financial advisers.

All of the following types of Business Insurance are recommended.

Business travel insurance - Some employees travel extensively around the world. Cover against delays, loss of life and injury; equipment and money is recommended.

Fidelity guarantees - If you are worried about dishonest employees Fidelity Insurance covers against loss of cash or stock.

Key Man insurance - Some businesses would cease to function properly without certain individuals. It's not uncommon to insure Directors and senior managers against the loss of income from death.

Premises insurance - Much like home insurance your business premises should be insured for the complete rebuilding cost.

There are two types standard and "all risks". Talk to your broker about what level of cover you might need.

Contents cover - If you business holds any type of stock you might consider business contents insurance.

Plant and business equipment - Much like contents insurance, you can insure your machinery or business equipment.

Goods in transit cover - This is a popular insurance if you are looking to dispatch high net worth items. The post office always asks the value of your item being sent. Goods in transit cover operates in the same way.

Engineering insurance - Engineering insurance covers against electrical or mechanical breakdown.

Business interruption insurance - The riots in London in 2011 resulted in claims for disruptions to your business. Claims for loss of income and expenses would be likely.

Public liability insurance - This is a very common policy that covers your business from damages to members of the public, either for death, injury or property damage.

Product liability insurance - If you sell a product you need to consider carefully whether that product may harm an individual due to defects or negligence in manufacture. If so, you need to talk through the risk with your legal adviser.

Pollution risk insurance - Pollution is taken very seriously by the Environment Agency. If your business is caught polluting the environment you could be liable and fined and forced to pay to clean it up.

Directors and officers insurance - Company directors and officers have specific duties and responsibilities, for which they can be held responsible. Directors and officers insurance provides cover for compensation and legal costs, if they are found to have inadvertently acted outside their terms of reference.

There are differences in the legislation depending on which part of the country you live in. If you live in Scotland or Northern Ireland you should check local laws.

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The Different Types of Event Insurance

Event insurance has now become quite common in the UK. More and more people are worried about taking a risk with their special day and the financial implications that may cause.

But it is a misnomer to think that event insurance is only used for large events or for the wealthy. It is often used for much small and more personal events such as fetes, weddings or private parties.

Event insurance is something that can be used by individuals, small and large businesses alike. It can cover a range of events from weddings to large corporate functions. The principal reason for the insurance is protection against risk and financial loss.

With this in mind I thought it might be interesting to outline the various type of events that can be covered by event insurance.

Businesses of all shapes and sizes conduct events on a daily event thought the UK. These might range from conferences, exhibitions musical shows, fashion shows or product launches.

If you are experienced at running these events then you are probably taking the appropriate cover. But if your business is planning this for the first time then you might consider an event insurance policy as a precaution.

There are three main reasons why you might consider covering yourself. Firstly, 'cancelation'. Usually this covers you for a cancellation beyond your control and will result in reimbursement of any expenses incurred. Secondly, you might insure against property damage or loss and finally public and employers liability as a result of personal injury to employees or a member of the public.

Public gatherings or charity events such as fetes, firework displays and school fund raising activities are also insured.

It is not a stretch of he imagination to insure against the cancellation of a Church Fete due to bad weather and it is possible to insure against it. The loss of property, money and public liability are all considerations if you are looking to insure against this type event.

In Dorset we have lots of county shows, such as the Melplash, the Great Dorset Steam show. Without doubt, these type of shows will have a one-off event insurance of some kind. They might not insure against cancellation due to the weather, but Public Liability Insurance would be a must.

Events insurance doesn't only cover business related events, it can also cover private functions also individuals too. Functions such as Parties, weddings and Bar Mitzvahs are typically covered against cancellation, property damage and public liability.

Now obviously you cannot insure for a sunny lovely day, but you can insure against loss. So when it comes to deciding on any particular policy it is always worth reviewing the details with your broker. Ensuring you have sufficient enough cover is paramount. Areas you should consider are;

What are your irrecoverable expenses? Your budget for insurance. The greater the level of cover the more expensive the policy. Is there a greater level of risk to the public (fireworks displays)? What precautions have you taken? This may include a health and safety audit. Professional Indemnity Insurance Protection for the Self-Employed   Electrician's Insurance - What You Should Know   If You Own A Care Home Then The Correct Insurance Is Critical   Public Liability Insurance: Often Neglected But Very Essential Aspect of Every Small Business