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Posted on Fri, 01/27/2012 - 07:00 AM by
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There are many different types of insurance cover that a business will need to look into, and some that are required by law. You can find a full listing and evaluation of these on online comparison sites like Money Supermarket. But here is a list of some of the main policies that should be considered by businesses and details of what they provide if something goes wrong. Personal Liability insurance This type of insurance provides cover for claims for compensation from people outside your company; this may include people injured at your place of work or members of the public who are injured or belongings damaged because of your company. This policy will cover any compensation or legal costs resulting from a claim against your business. Employer’s Liability insurance If you have any employees then you need to take out this insurance by law. The policy protects you if your employee is injured at work, or becomes ill because of their work. This policy will also cover any legal costs accrued. You must purchase a minimum of £5 million in cover by law if you have any employees, although many policies will automatically cover you for £10 million. Property Insurance The insurance will cover you if there is any damage to your place of work or your tools. This may include anything from flood damage to theft. If you take out this insurance you need to calculate how much it would cost to replace everything in your work place, down to your office tables and chairs. Professional indemnity Professional indemnity will cover you if your client loses money because of a mistake you have made, or because the work you have provided is deemed substandard. If your client makes a claim against you, this policy will protect your business by paying for compensation and covering any legal costs. GUEST BLOG: This helpful business advice was provided by Roger Nuffield. MORE NEWS FROM SME SMALL BUSINESS BLOGDon’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... Top 5 Tips for Taking Time Off from Your Small BusinessTop 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners. 1. Make sure that your email Inbox is totally clear of anything urgent and that you have replied to everything important. You can set your email to provide an ‘out of office’... The Power of your Sales LedgerMany businesses are not aware of the potential to release cash against their sales ledger. For every sale made, you have to invoice your customers for goods sold or services provided. Factoring.uk.net explains how resourceful your sales ledger could be in these economically demanding times. Work within reason, wise Dad advisedMy father, who worked for himself all his life, either alone or running his small business, said to anyone thinking of going for it (me included) that it would take ten years to get established. I couldn’t see that at the time but I now fully understand what he was getting at. Top 5 Tips for Business Credit CardsTop 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners. 1. Using a credit card is actually a sensible thing for a business to do, provided they are going to be paying it off in full each month. Doing this helps to build a solid credit histor... RELATED SMALL BUSINESS NEWSYou’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. What Job Are You Helping Your Customers Do?Marketing is often described in terms of a product life cycle. The development, the launch, continued support, and finally, discontinuation all have specific marketing efforts associated with them. From social contests to reduced prices and giveaways, the emphasis is nearly always on the product or service provided. However, this does not take into account the way that customers actually search for and find products. |
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