The FAQ’s of Business Insurance

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If you are starting a new business or want to make wiser decisions on which insurance policies best suit your business’ situation, we’ve put together a list of important FAQ’s to guide you in the right direction. In particular, we focused on insurance policies throughout Britain and collected some of the most popular questions from small business owners.  The functionality and future of your business rely heavily on the decisions you make as an employer and protecting your business against unexpected circumstances is essential to the future of your business.

What do I need to provide employers liability cover for?

Generally speaking you need to provide coverage such as, AXA employers liability insurance, for anyone who undertakes work for you whether this is in a paid capacity, on a voluntary or temporary basis. As an employer you are responsible for the well-being and care of your employees and employers’ liability coverage is a legal requirement for any company with employees. Therefore it is vital to take out employers’ liability insurance in order to ensure that you meet the needs of both the business and legal side of running or starting your business.

Do I need insurance as I’m a small start-up and I can’t meet the costs?

As a start-up, business insurance is one of the first things you should organise and it can be vital to the very survival of your company should something go wrong. Although you may initially think you cannot meet the costs of taking out individual policies, there are business insurance packages, combining the vital cover for generally lower prices. Turning to well-known insurance companies that provide a variety of policies, you can be sure that your business is insured for most eventualities, however, make sure to read what is included and excluded to make sure you are covered sufficiently.

As a landlord what insurance would cover me for those unexpected events?

As a landlord and business owner, in order to protect yourself against unexpected events and more, you will need commercial landlord insurance. This insurance policy will cover you for the properties you rent out and will give you all the advantages for residential properties and more. With AXA commercial landlord insurance you can add optional extras as well as access to individually tailored deals in order to give you peace of mind. This type of insurance coverage is not only about protecting yourself against events such as fire or floods but it may also cover you against loss of rental income as well as damageto contents.

Do I need business insurance if I run my small business from home?

You will need to investigate this query further yourself as it is very much dependent on your insurance provider as some of your business’s assets may not be covered by your homeowner’s policy. If you work from a room in your house, you may find that the room you work from has become a commercial property. It is extremely important to protect your important and private documents as well as equipment that are vital to your business and its future.

I am extremely careful at work. Do I need to get insurance as it’s unlikely anything will happen?

No matter how careful you are and the effort you put into making sure there are as few mistakes in your work, some can slip through the net. A single mistake can result in a long-winded legal battle with high legal fees and compensation pay-out if a client or someone else suffers a financial loss. With AXA professional indemnity insurance, you can protect your business from making an error or giving poor advice. This insurance coverage can be vital to your survival as a business and its future as well as the knowledge that if something goes wrong, you have the right cover in place to protect you and your business.

Ensure you are fully protected in the event of something unplanned happening which could bring the downfall of your business. The above five FAQs will help to guarantee that you and your business are fully protected now and in the future. Read the insurance policies with care to make sure that your policy covers you for any eventualities and meets your every need allowing you to sleep easier during the extremely stressful times when things don’t go to plan or for those events you just cannot plan for.

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