What Can Business Insurance Cover?

Coversure’s known for the value, flexibility and breadth of its products. This means policies through us can offer protection against risks as diverse as public liability, cyber-attack, stock losses and professional indemnity cases. Businesses of all shapes and sizes need protecting and with our tailored approach you can be sure that you’ll only pay for what you need, rather than wasting money on cover you don’t. A typical policy can include risks such as:

• Public liability – if you’re a public facing entity, whether that’s as a shop or somebody that provides advice or services to members of the public, you’ll need public liability cover. If your business, its premises or actions lead to members of the public becoming ill, injured or their property damaged, then you could be held laible. In this case, public liability will be there to protect you against the financial implications that could follow successful legal action

• Employers’ liability – do you have any employees? Even if they’re part-time, contracted or temporary, you’ll be required by law to have employers’ liability cover. So, if any of your employees become ill or their property is damaged owing to their working conditions or your actions, employers’ liability cover will assist with the legal costs of the claims brought against you. As you’re required to have this policy by law, including it in combined policy makes sense as you can potentially get a lower premium by doing so

• Products liability – if you produce, sell or even recommend products as part of your line of work, products liability is worth including in your cover. This will protect you against legal costs if you are sued if these products cause injury or damage to property. Bear in mind, this can affect you even if you’re a distributor or retailer, not just the manufacturer of the product

• Buildings cover – do you own the building you operate in? If so, you’ll want business buildings cover to ensure your premises are protected from the worst-case scenarios such as flood, fire or other disaster. This cover protects you for the cost of repairing or rebuilding your premises and if you own the building then this is an essential protection to have in place. If you rent it, then ensure that your landlord has this to allow you to have a smooth transition if the worst does come to worst

• Professional indemnity – if you give advice to your customers then you should consider having professional indemnity cover in place. Professional indemnity – P.I. as it’s also known – will shield you financially should you be sued for losses by a customer for giving them poor advice

• Stock cover – if you run a shop, distributors or manufacturing plant then the likelihood is that you’ll want stock cover to protect your goods - particularly if your operation stock’s expensive items like technology, art or alcohol. Stock cover assists with the costs to replace or repair your stock if it’s damaged, lost or stolen Business interruption – what would happen if you couldn’t trade for a period of time? Would you have money coming in? Business interruption provides peace of mind against this situation, ensuring that you can continue to have an income whilst your company remains closed for repairs or rebuilds

• Cyber – cyber-attacks are dangerous, potentially costly and on the rise 87% of small firms have experienced a security breach Cyber-attacks are up 10% from the previous 12 months 93% of large organisations having been targeted according to The Department for Business, Innovation and Skills. In this day and age, cyber cover should be considered as essential as protecting your stock or employees. Cyber cover allows you to remain protected from the costs of ransomware attacks, data loss, reputational damage and more

• Fleet – do you have 2 or more vehicles associated with your company? By insuring them on a fleet policy, you can save time and money over individual policies. Including them within a business insurance policy allows you to benefit from further savings. Fleet insurance offers versatility with your fleet by, for example, allowing any named driver to drive the vehicles on your policy

• Online insurance – with ecommerce booming in the UK. More and more people are now looking to trade online, either through marketplaces such as eBay or Amazon or via their own online store. Coversure’s online business insurance can protect your stock, your site from hackers and your goods while in transit