Frequently asked business insurance questions answered
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What risks do I need to consider?Running your own company is a risky business, and many outside factors can dictate whether or not your business is a success. Potential risks include increased expenses or decreased revenues which could threaten your livelihood, so plan to protect yourself and your business from unanticipated losses and disruptions to your flow of income. Look at the main risks likely to impact on your bottom lines and carry out a full risk assessment survey of your business.
Do I need to buy employers’ or public liability insurance as well as professional indemnity insurance? By law, you will need to buy employers’ liability insurance if you have employees, and we would also recommend public liability insurance if you ever deal with any members of the general public.
What can I insure my business premises against?You can insure your buildings and their contents against a number of risks, including fire, storm, flood, earthquake, explosion, escape of water, impact, theft involving forcible and violent entry or exit, riot and malicious damage, subsidence, aircraft, and other damage of an accidental nature.
How can I work out the financial value of a key employee and how much to insure them for?There are several ways of doing this, but many people either apply a multiple of the employee’s salary, or work out how much money the business would lose if it lost that employee.
What kind of insurance do I need?Your risk assessment should be the basis of determining what insurance you need, but most businesses need to start with public liability insurance, professional indemnity insurance, and employee liability insurance if you are an employer.