Business insurance UK offers a range of cover and premiums that vary depending on the type of business and cover required. Public liability insurance for example, costs around PS118 per year, while employers’ liability insurance is compulsory for businesses with employees. In addition, this insurance covers you in the event of a legal claim against your company.
Public liability insurance
Public liability insurance is a common type of business insurance. However, it is not mandatory for any type of business. Businesses that have direct contact with the public should consider purchasing this type of insurance. These include retail outlets, cafes, pubs, and restaurants. It is also advisable for freelancers, contractors, and small businesses. Public liability insurance can also be needed by marketing consultants, advertising agencies, and digital search firms.
Public liability insurance protects your business from claims from third parties and can protect your company against legal fees and damages. This type of insurance covers both property and personal injury. In case of damage to a client’s vehicle or tools, you will be covered. The policy will also protect your company from claims from third parties who are not your customers.
Public liability insurance can be purchased from a broker or from an insurance company. An insurance broker can help you compare the different policies and quotes from various insurance companies. The broker’s panel of insurers will help you find the best deal. The broker will help you choose a public liability insurance policy that fits your needs.
Employers’ liability insurance
Employers’ liability insurance for business is a great way to protect your business from lawsuits that might arise due to employee injuries. It can protect you against a wide range of lawsuits, including those resulting from slips and falls. This type of insurance is also known as stop-gap coverage.
Employers’ liability insurance is a legal requirement for most businesses in the UK. However, you might not be aware of all the specifics of your business’s coverage. Depending on the size of your business, your policy may have different limits, and you’ll want to check with your insurance provider to ensure the right policy for your business’ needs.
The cost of employers liability insurance depends on several factors, including the size of your business, your number of employees, and the type of work you do. The higher your business’s risk, the higher the premium will be. It can also be beneficial to choose a monthly payment plan, especially if you’re just starting out.
Buildings and contents insurance
Business buildings and contents insurance covers the cost of replacing or repairing property and other things in a building. It protects the business premises, employees, and customers. In some cases, the insurance will also cover the contents of a business’ stock. These policies can be bundled together, making the coverage affordable and convenient for business owners.
Business contents insurance is available for both small and large businesses. It pays for the replacement or repair of items that are essential to the operation of the business. It also covers the belongings of staff and clients. In addition to paying for the replacement costs, the policy also pays out for the costs of wage payments, missed income, legal action, support, and communications.
Buildings and contents insurance covers most of a business’ property, including machinery, computers, raw materials, and inventory. Some policies also cover leased property and the property of other people that you use to run the business. This coverage is especially important for businesses that service other people’s properties.
Tax investigation insurance
Tax Investigation Insurance is an invaluable investment for businesses, as it provides expert support and professional defence in the event of a HMRC investigation. It not only ensures that you have dealt with HMRC in a correct manner, but also protects you from expensive penalties and fines. A compliance check with HMRC can cost a business up to PS5,000 in accountancy fees and can last for up to 16 months. This insurance can help reduce the stress and time involved.
This insurance will cover the cost of any tax investigation, and you can choose to include this in your client portfolio. There’s no waiting period, and you can apply online within 10 minutes. In addition, you’ll also be provided with ongoing support and advice. So what are you waiting for? Why not take advantage of this excellent opportunity to protect your business and your clients?
Whether your business is small or large, HMRC will investigate you at some stage. In the UK, this agency has the power to access data from debit/credit card transactions, so you’ll need a tax investigation insurance policy to protect yourself from a potentially massive tax bill. Small businesses are particularly vulnerable to HMRC investigations because they have limited resources and can easily make mistakes.
