When taking out Business Insurance, there are many things to consider to ensure that your business is fully protected. We offer a range of covers to suit the needs and requirements of your business. The level of cover you need is dependent on the risks faced by your business. It’s worth considering whether the cost of any incurred legal fees or compensation is likely to be high. You may also find that your clients’ contracts require you to have a minimum level of business insurance.
The only type of business insurance you’re legally required to have is employers’ liability insurance if your business employs staff. Employers’ liability insurance covers your business for the costs incurred should an employee become ill or injured through work carried out on behalf of the business.
Whatever your line of work, working for yourself brings freedom and great reward. Yet, self-employment also entails a degree of risk. Vital documents may go missing and miscalculations or misjudgements may occur, for example. As with all manners of employment, things can go wrong. Taking out business insurance will limit the financial repercussions for any mistakes or mishaps that may arise.
Inzurly recommends taking out professional indemnity insurance to protect yourself from the negative repercussions of a client criticising your work. Professional indemnity insurance covers compensation for any losses incurred, as well as the cost of any legal expenses. Moreover, taking out Public Liability Insurance will protect you against claims that you’ve damaged somebody else’s property, or caused injury to a third party.
Many sole traders take out business insurance because they have to, whilst others take out insurance to give themselves peace of mind. When taking out insurance, it pays to be pessimistic. Imagining the worst-case scenario, and the costs arising therefrom, may be daunting. Being covered by Inzurly will make the worst-case scenario not that bad after all.
As a sole trader, you may find that you’re expected to be insured prior to undertaking any work. Many large companies and local authorities will expect you to have professional indemnity insurance as well as public liability insurance. You may also find that smaller companies and individuals will require you to have the aforementioned insurance policies, particularly if your work entails managing sensitive information. Make sure you understand which type of insurance your client expects you to have, to ensure the protection of both yourself and your customers.