Business insurance protects your business against losses suffered in the day-to-day running of your company, but particularly when the business faces a compensation claim.
Ultimately, anyone who provides professional services, expertise, skills and advice to a client could have a claim brought against them. As a business owner you can be liable for a whole range of accidents & issues, even if you may not think it!
Weston Financial can recommend a wide range of business insurance products, but core products include Professional Indemnity, Public Liability, Employer’s Liability & Key-Man cover. You can supplement your protection level further with Life, Critical Illness cover & more.
Not all business insurance is a legal requirement, it does depend on your particular business and the service you offer and the risks that you face.
However, if you have one or more members of staff, then Employers’ Liability insurance is generally a legal requirement for most businesses.
If your business means you or your staff are interacting with any third party (this could be clients, customers, suppliers or anyone else for that matter) then it’s probably worth thinking about Public Liability Insurance.
Cover like Professional Indemnity may be required by regulatory bodies and/or be a mandatory requirement in certain contracts of work, depending on the customers you are carrying out work/services for. Certainly if you handle client data or intellectual property, then professional indemnity insurance is an important cover to have in place.