Liability Quotes for Small Business Insurance

The purpose of small business insurance is to protect your business from potential hazards that would be very expensive. No one can predict what can happen in the future but with insurance at least you can avoid ruin or financial losses against the unexpected.

Different Types of insurance
The most common policy for small businesses is the Business Owners Policy (BOP). This is a combination plan that covers the property and liability of the business. Firstly the premises in which your business consists of would be covered by Business property insurance so things such as fire or break in’s would be compensated. The contents and electrical goods of the business would be covered such as computers, desks and furnishings.

Small business liability insurance covers in case of being sued for a faulty product or a trip or fall that occurs with a customer or employee. There are further types of small business insurance plans that ensure your business is covered on all levels. Workers compensation insurance must be purchased if the company has employees and this covers medical fees or loss of wages. Business auto insurance may be purchased if the business has automobiles in case of any accident or third party damage.

Is it right for you?
Small businesses in the UK market are struggling to survive as it is so if you meet the criteria making you eligible for a BOP policy it can be a support that helps to keep an accident sinking your business under. The criterion adheres to aspects such as the size of your premises, the required limits of liability, the type of business and location. There are lots of different plans that can be tailored to fit what you need to be protected. Furthermore, some insurance is required by law and if you are caught by the Health and Safety Executive then your business can be fined up to £2,500 if not covered properly.

What to avoid
One of the biggest things to avoid is not getting small business insurance because it you think it is too expensive the financial risks at hand if something does happen will undoubtedly be a lot worse. Avoid lawyers and insurance firms without the necessary certifications and to guarantee insurers don’t make pay outs difficult if you do need to make a claim – make sure the insurance company knows your business well as losses in profit margins can be hard to calculate. If you make a list of your assets before then that will ensure you are covered for everything.

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