contents insurance for business premises
What is Business Insurance?
Any type of insurance is a form of risk management; it guarantees a small loss (a premium) to prevent a possibly large loss. Business insurance is protecting your business and insuring it against the risk of loss. There are many different types of business insurance available and so it is important to have the right one in place to make certain you are fully covered and to make sure you don’t have cover for items you do not need.
By law all businesses need certain types of insurance for example if the general public come to your business premises you’ll need Public Liability Insurance, and if you hire staff you need Employer’s Liability Insurance.
What are the different types of business insurance?
There are many different types of business insurance, here are a few and a description of each:
Retailers Insurance – this insurance policy covers everything that the majority of shops will need. The main items retailer’s insurance covers are Trade Contents in case of loss due to fire, flood, Money, Personal Assault, Glass and Sanitary Fittings, Employers Liability, Public Liability, Product Liability, and Business Interruption.
Tradesman’s Insurance – this business insurance is specifically designed for sole traders, limited companies and partnerships in manual occupations for example plumbers, builders, electricians, gardeners and hairdressers. Within this type of industry the insurance may include cover for Temporary Employees as this is quite common with builders for example as you employ staff for the job at hand and it is not always permanent, and cover for Equipment and Tools, and Contract Work.
Professionals Insurance – is for business owners who work as consultants, architects, bookkeepers or tutors. Every business insurance policy can be tailored to your needs and so it is essential to give as many details as you possibly can to your insurance company or broker so you can be sure you are fully covered for every aspect of your business.
Property Owners Insurance – this business insurance is the buildings insurance for residential and / or commercial premises and may include cover for Business Interruption, Employers Liability and Property Owners Liability for example.
Whatever your business you will need some kind of insurance to protect yourself in the event of accidents and incidents, contact an insurance company and they will be able to lead you in the right direction for the right insurance for your business.
Insurances for a small business?
How much would contents insurance and employers’ liability insurance cost each annually for a small business on a high street in a rented premises? Any ideas? Thanks.
It depends on the type of business, the number of employees and the postcode of the premises. Without all these details no-one can give even a rough idea. Ring a couple of companies and get quotes – it’s the only way to find out.
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