What other types of small business insurance are there?
If you give advice as part of your business – such as if you’re an accountant or solicitor or even a marketing agency, you can protect yourself with a professional indemnity policy. This can cover you if your clients end up losing money because of advice you’ve given them and decide to make a claim.
But if you design, make or supply a product rather than give advice then product liability insurance is the policy for you. It’ll can reimburse anyone who is injured or had property damaged because of a faulty product that you supplied.
It’s also worth thinking about public liability insurance – this will help cover you if a member of the public has an accident or damages their property because of you or your business, for example a window cleaner. It helps provide compensation and cover your legal costs whether the incident took place on your business premises or if you’re out and about in relation to your work.
Other types of cover include environmental liability insurance which helps insure you for damage caused to water, plants, local wildlife and their habitats. Also, if your IT systems are damaged or hacked then a cyber policy could help cover you for loss, interruption and damages to clients. Regardless of how niche you think your business is, there’ll be a policy to protect you, so find out more about the different types of business insurance there are – after all, your business is your livelihood and you’ll want to protect it.