There are a daunting number of types of insurance that you may require for your business and can sometimes be difficult to work out what insurance you need for your fledgling company. Researching and buying each insurance can also be a time-consuming exercise, although it is possible to buy ‘packaged’ insurance where the most common insurances for your business are tied up into one easy package for you. Packaged insurance is sometimes a good option as it ensures that there is no duplicate cover in your insurance packages. You also get one set of insurance documents which makes filing a whole lot easier!

Here at MoneyTowers.com, we have put together a short guide covering the most common insurance that businesses need to help you work out what cover you require for your company.

Employers Liability Insurance
Employers liability insurance is required by law if you employ anyone outside of your immediate family. Employers liability insurance offers protection for any liability arising from illness or injury sustained by employees whilst they are working for your company.

Motor Insurance
If you use any form of motor vehicle for your business, you will need to insure it. At a minimum, the vehicle needs to be covered by third party, however it is a wise idea to take out more comprehensive cover to ensure that you are covered in case of accident or theft.

Public Liability Insurance
Public liability insurance protects you from any liabilities from third parties (ie anyone not employed by you) such as property damage or accidents that may happen during the normal operation of your business.

Products Liability Insurance
Products liability insurance protects you from liabilities from a third party injury (ie anyone other than your employees) or property damage arising from products you sold or supplied.

Material Damage Insurance
There are different kinds of material damage insurance on offer. Material damage insurance is essentially designed to cover your company’s assets (such as computers, furniture, stock etc) from loss or damage such as theft, fire, flood etc.

Business Interruption Insurance
Business interruption insurance covers your company from the loss of turnover and/or trading profits from any damage to your property which then affects the normal operation of your business.

Money Insurance
Money insurance covers you for money that is lost or stolen from your company premises, your home, or whilst it is in transit. Beware that there may be stringent circumstances and conditions placed on this insurance.

Goods in Transit Insurance
Goods in transit insurance covers your company for the accidental loss, destruction or damage to your goods whilst they are in transit. Goods in transit insurance may also cover the cost of any alternative transport which may be required.

This is not an extensive list and there may be other insurance that you should take out for your company.

When you are looking for insurance, there are certain things to look for on most policies:
The excess: The excess is the first part of any claim that you are responsible for ie for every claim, you must pay a small amount of money. Normally, you can reduce the insurance premium by upping the excess however you must ensure that you can pay the excess should you need to claim.

Amounts Insured: It is important that you give accurate information to the insurance company as to the value of what you are insuring. If you supply the insurance company with incorrect information, your claim could be invalidated or you may not get enough compensation money to cover the cost of the claim.

Pre-Set Conditions and Exclusions: Read the terms and conditions of the insurance policy carefully and make sure you understand anything which is excluded from your property, and any pre-conditions that must be met. For example, some cover may require that an alarm is fitted to your company premises before the insurance is valid.

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