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What Insurance Do I Need For My Business?

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Insurance could help to protect your business from disaster – but exactly which types of insurance do you need? Below are some of the disasters that are most worth insuring against. 

Injury to employees

If you’re an employer, taking out employer’s liability insurance is compulsory. This insurance scheme can help to pay out compensation to any employee that sustains an injury or falls sick as a result of hazards at work. 

You can reduce the cost of employer’s liability insurance by investing in workplace health and safety measures. This could include supplying PPE, providing thorough training and conducting regular risk assessments. 

Injury to public

Public liability insurance can help to cover you against any injuries caused to members of the public as a result of your business. It is not compulsory, but can be worth having if you interact face-to-face with the public (for instance, if you’re a plumber or run a restaurant).

As with employer’s liability insurance, you can reduce the cost of public liability insurance by putting in place stringent health and safety measures. It could be worth looking into specialist insurance catered to your industry to ensure that you’re only insured against risks relevant to your business. 

General malpractice

Malpractice is any form of professional negligence in which a promise has been broken or laws have been broken. It is common for companies to be sued for malpractice – in these situations having professional indemnity insurance in place can be useful for paying off these lawsuits.

Many different industries have their own type of malpractice insurance available (e.g. medical malpractice insurance and legal malpractice insurance). You can reduce the rates of this insurance by investing in your professional image and by making sure that any promises made in contracts are feasible.

Property loss/damage

It could be important to protect your company’s property against loss and damage. This could include insuring a store or office against theft and vandalism, or simply insuring your equipment against theft or damage. 

It’s worth looking into niche insurance relevant to your industry such as this Aaduki photography insurance. By investing in this specialist insurance, you can be sure that you’ll only be covered for risks relevant to your industry. You can also save money by investing in security measures such as installing a burglar alarm on the door of your office or making sure to lock away tools in a cupboard. 

Cyberattack damage

Cyberattacks have become a growing risk. The damage caused by a cyberattack can include loss of important and sensitive data, as well as lawsuits from clients and suppliers who may have had data compromised. Cyber insurance can cover all of this, paying you out money when you get hacked to help you recover. 

To save money on cyber insurance, it’s worth investing in cybersecurity measures such as using data recovery software and using up-to-date software. Not all commercial insurers will offer this form of insurance, so you may have to spend your time looking around for this scheme. 

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