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Business insurance

This is an important area for every business owner to consider. You should research what you need and ensure you have all the relevant insurances in place and with reputable insurers.

Types of insurance

There are 3 main types of insurance that you need to consider:

Employers liability insurance

This is required if you employ full time, temporary or casual staff. It covers areas such as injury to a member of staff, which could leave the business owner open to a claim for compensation.

Public liability insurance

This covers areas such as visitors to your workplace, whether office or home where there may be a chance they could slip and have an accident. Also, you could accidentally cause damage while on a customer’s property and be held responsible, leading to a costly claim for compensation. A client may also insist you have public liability cover before carrying out any work and you may need this to exhibit at a conference or local trade show.

Professional indemnity insurance

If you give professional advice or provide a service, then you will need to consider professional indemnity insurance, which will protect your business if you give the wrong advice or if someone questions the standard of your work.

Always read your policy wording carefully and take every precaution. Even very successful and well-established businesses can fail without the right cover in place.

There is a great deal of information available on the internet, for example:

Export insurance

If you are looking to trade overseas, then you will also need export insurance from the Department of International Trade. This will cover you against the risk of:

  • Not being paid under an export contract
  • Not being able to recover the costs of performing that contract because of certain events which prevent its performance or lead to its termination.

You can apply for this by contacting:

Page updated: 22 November 2023