List of insurances which you need to start a business

Planning to start a business? Wait, because you need to know about the different types of insurances which you need to have because you start a business to protect your assets and liabilities. Usually, it has been believed that the business insurances are only for large companies and business that product and sell physical products but this is not true. Whether you are planning to start a business which sells product or services, you must protect yourself and your business from any type of damages which can be only done through insurance.

An insurance company, broker or professional can help you to decide that which types of business insurances will be suitable for your business but having knowledge about each of them is important as you will understand that type these business insurances are necessary for your business and how they can protect you in the difficult time.

Professional Indemnity:

If you are starting a services related business where you offer personal advice or service to your clients then you need to have professional indemnity insurance for your business. This insurance will protect you if you fail to meet the client's expectation or client did not get the advice which he wants to expect from you. It will cover the legal costs which occurred due to your negligence and cost to correct the mistake.

Employers Liability Insurance:

You need to have this insurance only if you are also planning to hire employees. In many countries including UK and USA, it is a liability of the employer to have this insurance for their employees. If your employees get injured or faced any health issue in the workplace or its environment then you are liable to pay for the treatment. This insurance will cover all of these expenses. You need to display the certification of this insurance and its policy at your business where employees can see it easily.

Public Liability Insurance:

This insurance works same as the employer’s liability insurance except, instead of staff the insurance pay for any damage happened with the member of the public in connection with your business. This could include the damages like a member of the public get injured due to the electrical cable or loose carpet etc.

Products Liability:

This insurance is important for those who want to sell the physical products. This insurance will cover all the damages happened to customer’s property due to your product.

Business Interruption:

The most common type of business insurance which can help you to survive in case of damages happened due to natural disasters like flood and fire etc. This insurance will cover the loss of profit which your business can earn but does not earned due to unable to trade condition.

Material Damage:

If you are going to have a lot of assets, inventory or any type of material at workplace then consider having the material damage insurance. This will cover the loss of your assets including computer, building, and equipment etc.