What is business insurance and who needs it?

Business insurance – of the kind provided by companies such as Towergate Insurance – is a form of insurance policy designed to ensure that companies are able to remain afloat should there trading be affected by circumstances. There are different types of business insurance policy and the specific type of policy you should go for, and the degree of cover you should secure, will depend on a number of factors. These include the level of business you are involved in and the particular product or service that your business offers. These are some of the main types of insurance which come under this heading and who needs them.

Property Insurance

This type of policy will provide you with protection in the event of damage to your business premises and its contents – such as computers. You can get single risk business property insurance policies, or ones offering more comprehensive coverage. This is a type of policy that anyone owning or renting business premises needs to have.

Public Liability Insurance

Business liability insurance protects your company against legal action taken as a result of negligence on the part of the company, or one of its employees. Although, this is again a type of insurance policy that anyone running their own business should secure, it is particularly important if you are dealing with the public or employees.

Business vehicle insurance

This ensures any and all vehicles utilised for business purposes – as any damage sustained to these vehicles as a result of business activities will not be covered by a standard car insurance policy. You need this if you utilise cars or any other vehicles as part of your business.

Business Interruption Insurance

This type of insurance policy covers your business should your ability to trade be affected by events outside of your control. If you decide to take out this sort of policy you will be asked by your provider to estimate time-scales for each potential disruption to your business, in order for the appropriate premium levels to be calculated.