Three Insurances Every Business Needs

A business always needs insurance because they deal with many different things. Whether that business deals with the members of the public or with other businesses. It is a legal obligation that a business requires including employers’ liability.

There are many different types of business insurance that a company requires as well. If you are unsure about the insurance that your business needs then you have come to the right place. Here are three insurances that you should consider for your business.

Public Liability Insurance

Public liability insurance is something that most businesses will require for their company. For example, if you offer services to customers, you will require this type of insurance. This insurance is for anyone who works with the public. This also includes people who visit your business premises.

This type of insurance isn’t a legal requirement for businesses residing in the UK however, customers may require it and if a subcontractor works on your premises, they must have it.

Product Liability Insurance

This is for companies who sell a product to customers. For example, Costa Coffee sells coffee to their customers therefore, they need product liability insurance. This is in case they burn themselves from their coffee. Yes, even if it isn’t your fault, you will still require this type of insurance.

Property Insurance

The next thing that your company may require is property insurance. This is required by the landlord or mortgage company. Additionally, this is required if a business property is damaged or the contents in the building.

Invoice Insurance

Invoice insurance is something else required for a business. It is to protect your business against liquidation for charging companies that could potentially go into liquidation.

Cyber Insurance

The next insurance that a business will require is cyber insurance and most companies will need this. As more businesses require technology for their daily business operations, it is essential that they have cyber insurance to keep them protected. This is in case a business is hacked or a ransomware attack has been launched on the company.

Tax Investigation Insurance

Tax investigation insurance is the next type of insurance that a business will require. This covers professional fees that defend you in the case you are being investigated by the HMRC. One of the reasons why an investigation may occur is because you work in a high-risk industry. Another reason for being under investigation is because you may have made mistakes previously with bookkeeping.

Credit Insurance

Last but not least, credit insurance. This is another type of insurance a business will require to protect it from a customer being unable to pay its trade credit debt. There are numerous types of credit insurance which include credit property insurance, whole turnover, export credit insurance and more.