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Business Insurance: What do I need?

Published: 27th February 2010 16:27

Are you sure you have all the insurance cover you need for your business?  You can only answer this question when you have assessed all the potential risks.

If you work from an office based in your home, or have separate business premises, you'll have Buildings and Contents Insurance.  Would this cover everything you would need to replace in the event of fire or other disaster?  Make an inventory of every item you couldn't do without and their replacement cost, and make sure your contents cover is enough. 

If you have employees, you will need Employee Liability Insurance in case anyone makes a claim against you following an accident at work.  Legally you must have at least £5 million of cover.  If other people ever visit your premises or are involved in any service you provide, you also need Public Liability cover.

If you have company cars or your business involves delivering or transporting items, all vehicles will have insurance.  You may also need to get Goods-in-Transit cover for your own or other peoples items carried in them. 

What if something happened to a vehicle and you couldn't make your delivery on time?  Some breakdown service providers offer a continuation contract as part of your cover.  If any of the items you carry are classed as hazardous goods, you need specialist breakdown cover as their vehicles will not be included in a general service where engineers are not trained to deal with them.

Professionals like accountants or consultants should also have Professional Indemnity Insurance.  This covers any legal costs and loss of earnings if a client claims you've made a mistake or not fulfilled a contract.

Consider all the ‘what if' scenarios that could possibly happen, and then think about the insurance you'll need to cover those scenarios. What price peace of mind for the success and protection of your business?

Lynn Watson is the Director of Office Assistants, a company certified by the Institute of Certified Bookkeepers. They offer small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining systems and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit http://www.officeassistants.org/

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