Commercial feature

If you’ve taken the plunge and set up your own business, one of the most important things to consider is whether you have the correct insurance. No matter what type of office industry your work in, you’ll need to get cover.

Make sure that you research professional indemnity insurance online before arranging a policy with a reputable provider.

There are plenty of advantages to going into business full time. You can devote all your time and enthusiasm to your own company and react to new developments as and when they arise. But you must take the importance of insurance into account before you get started.

Avoid a bad experience with a client or contractor by organising your professional indemnity insurance immediately. Finding the right level of cover for your business couldn’t be simpler.

First, work out the size of the contract and client before sussing out the potential cost of your defence if it came to the worst. Then, consider the maximum compensation that could be awarded against you.

Why go for professional indemnity insurance? Well, it will offer you a range of protection should a client take issue with the work you have done for them.

This is crucial as a regular income is vital to the progress of your business and if clients decline to pay for work you’ve done then you could be left with a cash short-fall. This can be a very serious matter for many businesses due to tight profit margins where every pound is closely monitored.

Having to pay compensation to correct a mistake can also leave you out of pocket and result in your business having financial difficulties. Knowing that you’re covered against this eventuality can leave you safe in the knowledge that you’re not vulnerable to any accusations of negligence by your clients.

To maximise office safety, ensure you carry out a thorough risk assessment. Identify the potential health and safety hazards in your office before rectifying them and regularly reviewing your health and safety measures. Make sure you have appropriate employers’ liability and personal accident insurance in place to cover you should an employee injure themselves at work.

If you run a business from an office, it’s vital to protect the building to help avoid accidents. Ensure your workplace is equipped with a fire alarm and extinguishers, for example, in case of an emergency. You also need to display the evacuation procedure for your staff to see, making sure you check them regularly – not just to make sure they function, but to ensure your staff know what to do in the event of a fire.

Prevention is better than resolving the claim! Extremes of weather result in a large quantity of claims and as well as being inconvenient, incidents such as burst water pipes can be costly to your business. Help prevent such occurrences by doing the necessary regular maintenance.

Professional indemnity insurance can also offer protection if you offer a professional service to a client that can be challenged. It’s easy to organise and purchase online and you’ll be covered against risks such as negligence, which could include giving incorrect advice to a client, albeit with the best intentions, or making a mistake in your work.

Not only that, but your insurance will help protect you against loss of professional documents and data, defamation and dishonesty. This can include if a director, employee or self-employed freelancer contracted to you is involved in a theft from a client.

Employers’ liability insurance, further, protects your business from the possibility of injury or illness to your employees resulting from work. Of course, accidents can’t always be avoided, but you can rest assured that you’ll be protected should one occur.

If your employees become ill or have an accident at work, your business could be sued for compensation under your employers’ liability insurance. Don’t let this happen – businesses in the UK are legally obliged to have employers’ liability insurance to provide ample cover against a claim from an employee.

Why do you need employers’ liability insurance? Easy access to no-win-no-fee legal services that help employees claim compensation may increase the chance of a business experiencing an employers’ liability claim if they suffer an accident or illness which they think has been caused as a direct result of their work.

Furthermore, your employers’ liability could be triggered even if one of your workers is a voluntary helper or is self employed. Don’t let the legal costs of defending your business against a claim damage your business. It’s better to be safe than sorry, so do the right thing and check out the insurance options available to you.

Despite your best intentions, accidents do happen, so it’s best to get public liability insurance to save you any unnecessary worry. Even if you don’t have visitors to your home or office, you’re still vulnerable to a public liability claim against your business if you accidentally damage a client’s property in their office.

Individuals can easily claim compensation due to access to numerous no-win-no-fee legal services. If your actions at work injure a client or member of the public then you’re at risk of a public liability claim against your business.

Therefore, many companies and organisations also insist on their suppliers having public liability insurance cover in place. Public liability insurance from a reputable provider covers you when you have to pay compensation because a client, contractor or member of the public is injured and your business is to blame.

Create one simple package online and combine your public liability cover with employers’ liability insurance. Find out more about the benefits of these types of insurance to your business. Get your business off the ground, but organise your insurance first. Plan for every eventuality and get some reliable cover.