What is Business Insurance?
Filed Under (Uncategorized) by Insurance needs on 28-10-2009
If you run a business you need insurance to cover your liabilities should something happen. Business insurance comes in three main kinds:
Product liability insurance, is insurance for anyone selling products to the general public or other businesses. If somebody gets hurt or suffers a loss due to your product then you are liable and they may well sue you.
Public liability insurance, which covers you should someone sue you after injury or damage to property. Claims can also be made against you when you’re from your business property as well if you make sales calls or visits to building and other business sites. Many business clients, especially local authorities, will want to see a copy of your public liability insurance before they work with you.
Employers liability insurance, is insurance to cover you if you employ staff. You’re responsible for the health and safety of your employees and if something happens to them while they’re at work which they believe is your fault, they may sue you. The Employers Liability (Compulsory Insurance) Act 1969 (ELCA) means you have to have £5 million worth of cover, and having more cover is advisable.