Small Business Insurance
Protecting your Small Business with the Right Insurance Policy
Small businesses often ask us what cover they need to ensure they’re protected. Sometimes it can be confusing knowing just which types of Insurance policy your small business needs. We’ve broken down some of the main questions we get to give you the information you need.
What Type of Insurance Do I Need for My Small Business?
This really depends on the type of business you are. By rule, your small business insurance cover should be suitable for the type of business you run and keep you on the right side of the law. There are endless types of cover you may need but here are some of the popular ones.
Employers’ Liability Insurance – If you employ any staff, the law states you must have this. This will protect you against any claims regarding an injury or illness caused to a member of staff due tobusiness negligence. You may also want Public Liability insurance, which would protect you from claims from the public or third parties. Ask yourself if there’s any risk of an accident occurring at your business.
Building & Contents Insurance – These are popular insurance policies to protect your assets against unexpected events such as fire, theft or even if you’re in a high risk location. It’s worth valuing your premises (if you own it) and the contents inside to see what you could cover in the event of losses.
Professional Indemnity Cover (PI) – This type of cover is advisable if making an error would have a financial impact on your customers.
Motor Insurance– If you’re using a vehicle, you’ll need Commercial Vehicle insurance. You may also have a fleet of vehicles or be transporting heavy goods.
Are There Different Insurance Policies for Small Businesses?
If you’re a start up business, you may qualify for Business Start Up insurance. Speak to an insurance broker, who can put together a package for you. In general, there aren’t specific policies for small businesses. However, it may be that your needs are less than that of a larger business. Speak to a broker about your requirements as they will be able to identify which policies you need.
Will Premiums Be Smaller Because I Am a Smaller Business?
Because your business is smaller, the level of cover you require will usually be smaller than that of larger businesses. Therefore, your premiums should be lower as a result.
Who Sells Small Business Insurance?
It can be complicated trying to find the right small business insurance that meets all your requirements. The best course of action is to contact an insurance broker. They are the experts in all the various types of insurance your business may need even if you have any unusual features or need extra cover. An insurance broker can put together a bespoke package of policies for your business. They can also ensure you’re operating within the law and spot gaps in existing policies you may have.
Talk to Invicta Business’ Commercial Insurance Team
Invicta Business is an experienced insurance broker operating in Kent. We understand that each business is different and will have their own requirements when it comes to protecting their business. Small businesses often worry about what insurance cover they need and whether they’re operating within the law. Ensure you’re protected by calling us on 0330 0450032. One of our commercial insurance team will be able to guide you through and provide a competitive quote.