What Type of Business Insurance Do I Need?

Posted by Lansdowne-Woodward on 8th November 2019 -

Protect your business by ensuring you have the right type of business insurance in place. Our experienced insurance brokers summarise the top three types of business insurance you’ll need to operate securely.

Public liability insurance 

Public liability insurance protects you should a client or customer sustain an injury whilst on your business’ premises (including your home if that’s where you have your offices). It will cover you from compensation pay-outs for both personal injury and damaged property and/or possessions, medical fees and legal expenses.

Unlike other types of insurance, public liability cover isn’t a legal requirement, but it does reassure both you and your customers that financial protection is in place should anything go wrong. Afterall, medical bills, compensation claims and legal fees can become incredibly expensive. 

Professional indemnity insurance

From architects and surveyors to financial advisors and accountants, if you provide customers with a service, advice or designs, you’ll need personal indemnity insurance. With this cover in place, you’ll be protected should a client make a financial or professional loss because of the work you have provided them or for mistakes made with data handling and intellectual property.

Professional indemnity insurance will cover professional negligence, unintentional copyright infringement, confidentiality infringement, loss of data and libel. 

Employers’ liability insurance 

Even if you only have one member of staff, in almost all cases you are required by law to have employers’ liability insurance in place. This includes any contractors or temporary staff.

You need this vital cover to protect you from employees making claims that they have suffered injury while at work and covers such things as medical bills and legal fees. The consequences of failing to have the correct employers’ liability in place are severe, with fines of up to £2,500 for everyday you’re not insured. 

---

Established over 16 years ago in Dorset, Lansdowne Woodward is an independent insurance broker whose team combines years of experience with invaluable industry contacts to provide you with cost-effective, comprehensive business insurance that’s tailored to your unique needs.

To learn more, please don’t hesitate to contact us today on 01202 874 989 and we’ll be happy to discuss your business insurance needs.