Different types of business insurance cover different risks. Public liability insurance covers compensation claims made by a member of the public, while professional indemnity insurance covers you if you’re sued by a client. Employers’ liability insurance covers compensation claims from employees.
Each type of business insurance is designed to cover a different set of risks that you face in the course of running your business.
Public liability insurance can cover your business if a member of the public makes a claim against you for injury or damage. Your insurance can cover the cost of legal fees and compensation payouts, up to the limit of your policy.
Professional indemnity insurance can cover compensation claims made against you by a client because they believe you’ve given bad advice or made a mistake in your work. This can include things like mishandling client data.
Employers’ liability insurance can cover compensation claims lodged by an employee for injury, illness or damage that they’ve suffered due to their work.
You can also choose to cover things like your business building, contents, equipment, tools, and stock in case they’re damaged or destroyed.
Does business insurance cover theft
Unfortunately there are many different types of theft and, depending on your business, many things a thief could steal.
If you’re worried about the loss of items such as laptops then it’s business equipment insurance you want to consider. We will cover items kept in most commercial and home offices, as well as if they’re left in a locked car overnight.
If your business has any stock that needs to be protected, you might think about stock insurance, which covers theft, as well as accidental damage.
Additionally, if your customers leave their items with you to be repaired, for example, then stock insurance could pay out if they’re stolen while in your possession.
And if you run a shop, we cover theft in our basic shop insurance package. This includes cash left in the business premises overnight, as well as losses that come about from employee dishonesty.
