2. How to “Insure” You Are Not Caught Out

pip tip 2 how to insure you are not caught outWith more and more people setting themselves up as self-employed or employing a small team, it is vital that you have the right insurance in place.

By law you are required to have certain types of insurance, depending on how and where you trade and what type of business you run.
You may want to consider other types of insurance, even though they are not compulsory.

  • Employer’s liability insurance. You must have this insurance if you are employing people. It will provide cover if an employee makes a claim because they have been injured or fall ill as a result of their employment.
  • Vehicle insurance. Even if you have private insurance for your vehicle, you will need business insurance if it is used for that purpose.
  • Public liability insurance. This will provide cover against a member of the public who is injured or had property damaged as a result of any carelessness by you or your employees.
  • Premises insurance. You need to insure the premises you work from. If you work from home you should consider a separate business policy as home insurance will only cover residential use.
  • Contents, stock and materials insurance. This is required to cover replacement of these items. Once again, a domestic policy willnot provide sufficient cover.
  • Health and accident insurance. This is well worth considering as it will provide regular payments if you should be unable to work due to illness or an accident.

For more tips about running your own business successfully, follow the blog on web4tradesmen.co.uk or call 01452 864402.

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