There are many myths about insurance and lots of advice out there, whether from online forums, mates down the pub or insurance professionals. It can get a bit confusing. At Direct Protect Solutions we aim to explain what’s sensible to have and what it does plus what other insurances you might like once your business develops. This leaves you with plenty of money to spend on other ways to develop your business.
The only insurances you have to have by law are motor insurance if your car is on the road and employer’s liability if you have staff or people working with you. Everything else is down to your choice. For some you may find that customers or suppliers demand that you have insurance, often public liability, sometimes professional indemnity.
Our suggestion is to have a think about the risks to your business so the insurance is built around you. Could customers slip or trip because of things you use? Could people be injured or become ill because of your products? Do you have valuable equipment or stock where losing or damaging it could seriously dent your business?
For protection against slips and trips, you need public liability insurance. For damage caused by a product you need products liability. This is usually an extra to public liability and rarely sold as a separate policy, unless you’re a multi-million pound turnover business anyway!
If you work from home especially if stock or equipment is kept there or if you have business visitors tell your home insurers. If you forget and they later find out you may find that they won’t pay a claim under your home policy even if the business had no effect on the claim. Some home insurers get twitchy if you work from home, if this is the case speak to a broker and we can arrange a working from home policy. These can often cover the home insurance and business in one policy saving you time and paperwork.
Please get in touch with your questions, we’d love to help: