Employer’s Liability Insurance
Legal Requirement (if you employ staff)
If your business employs one or more people, you are legally required to have employer’s liability insurance. Failure to have this cover can result in substantial fines. This insurance protects your business against the cost of compensation claims if an employee suffers illness or injury as a result of their work.
Public Liability Insurance
Businesses interacting with the public
Public liability insurance covers your business if a member of the public or a client is injured, or their property is damaged, due to the actions of your business. It can pay towards the costs of legal expenses and compensation claims.
Professional Indemnity Insurance
Essential for service-based or advisory businesses
Professional indemnity insurance can protect your business against accusations that you have provided inadequate advice, services or designs to a client. This will cover you for the legal costs involved in defending the claim and provide compensation to your client if a mistake needs to be rectified.
Key Man Insurance
Protects against the loss of a vital team member
Key person (or “key man”) insurance provides financial protection if a crucial employee becomes critically ill or dies. It helps the business manage the potential disruption and financial impact of losing someone essential to operations or revenue.
Directors and Officers (D&O) Insurance
Protects company leadership
Covers legal costs and damages if directors or officers are personally sued for alleged wrongful acts in managing the company. This is especially important for companies with external investors or a board of directors.
Tool and Equipment Insurance
For businesses reliant on tools or machinery
Covers repair or replacement of essential tools and equipment if they’re lost, stolen, or damaged. Often used by tradespeople, construction firms, and agricultural businesses.
Trade Credit Insurance
Protects against unpaid invoices
Covers losses if a customer fails to pay for goods or services due to insolvency or protracted default. Useful for businesses offering credit terms to clients.
Business Interruption Insurance
Protects income during unexpected disruptions
This insurance covers lost income and operating expenses if your business is forced to close temporarily due to an insured event (e.g. fire, flood, or major equipment failure). It helps you stay afloat while you recover.
Commercial Property Insurance
Protects physical assets
Covers damage or loss to your business premises, equipment, stock, and furnishings due to events like fire, theft, vandalism, or natural disasters.
Cyber Liability Insurance
Essential for businesses handling data or operating online
Protects against losses from cyberattacks, data breaches, and IT system failures. It can cover legal costs, notification expenses and data recovery expenses.
If you would like to discuss this in more detail relating to your business, please feel free to book a free online meeting.
