When do I need business insurance?
Accidents happen all the time and It’s never too early to get business insurance. Click here to know more about when you should contract a business insurance
Thinking of starting a company? Whether you’re consulting from your home office, a tradesman working out of a van or a mechanic renting premises, the fact is that it’s never too early to get business insurance. Accidents happen all the time, and right from the off you’ll want a safety net to protect your assets and growth.
Is it a legal requirement?
If you employ UK-based members of staff, you are legally required to take out employer’s liability insurance. Any business owner with UK staff should not only have a policy in place worth at least £5 million, but also have a certificate with details of the policy displayed where employees can read it. Employers with staff based in other countries need to research the laws of their staff’s place of employ to make sure they have adequate cover.
Those who work alone don’t require employer’s insurance, but Direct Line for Business provides policies that will keep business interests and assets safe. Crucially, public liability insurancemeans you’ll be covered if an injury or accident happens to a member of the public on your premises.
Do I need specialised cover?
There are niche areas of every industry which benefit from specialised cover; that’s why we have specialised insurance policies for landlords as well offering commercial landlord insurance, on top of a whole host of policies for those who work from their own premises.
Whether you’re a shopkeeper, want to set up a restaurant or need to insure your office, you’ll be able to grow your business confident that risks specific to your area of work have been taken into consideration.
Do I need business insurance if I work from home?
If you’re manufacturing products at home, working in a home office on a computer or delivering a service using a van, then your home, contents and car insurance won’t protect your business-related assets.
Stock, computing equipment, professional equipment and even your profits will only be comprehensively insured if you take out a specialised home business insurance policy. If you’re creating a product to sell, don’t forget to get a policy which includes products liability insurance . It will help support you in the event that a customer is injured by one of your products and takes legal action.
Perhaps you’re thinking of opening your home as a B&B? Check out B&B / Guest House Insurance for more information.
How do I know what policy is right for my business?
Take a look through our Knowledge Centre for more information about the different facets of our policies and to find out what cover is relevant to your business niche. On each of our policy pages you’ll also find a number you can call if you’re unsure as to what level of cover is right for you.
Once you’re confident you’ve found the cover that fits the bill you can grab a quote and start building your business with the support of a policy that perfectly meets your needs – whether you’re a tutor, translator or a tradesman