Why have business insurance?

Small businesses must take risks if they want to grow. They need to be innovative and brave. Every one of them needs to be doing something new. Business insurance gives you the courage to do that, knowing you have someone there with you, taking that risk and securing your business. There are different types of business insurance products that will cover you, your business and its most important assets.

If you want to know more about the insurance you need and where to get it, check out our exclusive offer from Hiscox.

Professional Indemnity Insurance

Your business wants to leave every customer smiling. You boldly strive to fulfill their requests, so they become enthusiastic ambassadors of your brand. But, if it goes wrong, and a customer isn’t satisfied, what happens then? Professional indemnity insurance will help protect you in disputes that come your way.

Professional indemnity insurance covers your business for compensation costs allowing you to fix relationships with an unhappy customer, and supports your legal costs too. If you provide a service, advise clients, handle data or are involved in intellectual property. Professional indemnity insurance is a must to give you the confidence to do your job (and many clients will insist on this anyway).

Office Insurance explained

Office insurance makes sure the contents of your business are in safe hands. It assists your business if anything is stolen, lost or damaged, even in an accident. How would your business survive if its equipment was stolen from inside your office? You need to know you’re supported.

Some providers will cover items like artwork and visitors possessions as standard, but not all, so make sure you take an option that provides as much protection as possible. You can get up to £200,000 of ‘all risks’ contents cover and they will tailor this with options such as... 

Portable equipment

Making sure the tools your business uses on the move will be replaced if anything happens to them. Items covered can include:

    • laptops
    • hand-held mobile technology
    • mobile phones
    • digital cameras and video cameras
    • portable ancillary computer equipment e.g. printers
    • photographic and other visual display equipment, such as projectors
    • hardware and tools

Business interruption

It is essential to ensure your business won’t lose out if your office or home is compromised. If fire, flooding or theft means your business is losing money, you’ll get a payment to make up missing income. You’ll also be given a contribution towards the cost of temporary accommodation for your business. 

Legal expenses

One of the most important roles legal expenses cover will help with is to support your business in property disputes. If the safety of your office is in question, this insurance cover will help you through a difficult time by helping to cover your legal costs and give you access to legal guidance.

Buildings cover

If you own your business premises this is a must. It will support your business through a range of possibilities, including accidental damage to the building. You’ll also be offered rebuilding costs up to £500,000 in the event of significant damage.

E-Risks Insurance

Small businesses must use the internet to get ahead. But, using the internet for your business has its risks. E-risk insurance supports your business if you’re hit by viruses, hackers or electronic identity theft.

While you are busy growing your business, someone could damage your future by threatening your software. E-risk insurance will be on hand to protect your data and help you operate at your full potential. If being digital is crucial to your business, you have to think about e-risk insurance.

Public Liability Insurance

Meeting clients and customers is essential for every small business. You need to be in front of your audience making a memorable impression. But, if an accident happens and someone is hurt around your business, you need support. Public liability insurance can be that support, covering you in the case of injury to a member of the public or their possessions.

Spilling a drink over a client’s computer, a contractor slipping on wet surface in your office or a member of the public being hurt at your event could all endanger your business, unless you’re covered. Public liability insurance helps you through disputes and costs that are incurred. Compensation costs will be covered, as well as up to £100,000 in legal fees.

The rise of “no win no fee” legal services has put small businesses in danger of paying a huge price for any accident. With public liability insurance, you’re supported and many businesses insist on their partners having cover before they’ll do business with you.

If you want to know more about the insurance you need and where to get it, check out our exclusive offer from Hiscox.

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