Business Insurance Users

Small Business General Liability Insurance

Small business general liability insurance is going to be one of the key areas you need to cover before setting up a company in the UK. Business insurance offers companies many great advantages. Usually polices are designed to cover the replacement of equipment or the damage done by theft or vandalism to company property. Some policies, however, are there to prevent damage being done to members of the public or workforce and these are known as small business general liability insurance policies. Finding out about how these work and purchasing the right amount of cover in each area is going to be one of the first steps to an efficient small company.

Types of General Liability Cover

There are three main types of small business general liability insurance that you will need to buy if you are running a UK company. Though the level of cover will vary depending on what kind of industry you work in and the size of your business, you will need to at least investigate each possibility. A well-run company is protected from every conceivable angle and is never left open to false claims or payouts that will cause it undue financial harm.

The three most important forms of insurance that are, in general, required by a small company are employer, public and product small business general liability insurance. Employer liability is there to cover the payout on claims made for damages by staff or ex-staff who have been made injured or ill by the work they did for your company. This small business insurance is vital as it guarantees your employees protection while they work for you and guarantees your own safeguard against false claims. Even if a claim made against you is unproven, the fact that you hold some employer small business general liability insurance means you will be fully protected in this scenario.

Public liability insurance pays out on claims made by members of the general public who have been injured or made ill by your work. If you work in an industry which requires you to be in contact with members of the public you will require a fairly large provision for this particular cover. Think about your premises in particular and how likely members of the public are to be present while work is taking place. Even an office with a small number of employees will need some public cover for business meetings.

Product liability insurance triggers a payout when a customer of the company makes a claim. This would usually be based on some kind of damage being done by the actual product or service you provide, so companies like restaurants and gyms would need a pretty strong amount of product small business general liability insurance cover. That being said, claims of negligence may also come under this policy if they are related to the actual service offered by a small business, as would claims that the product was not as advertised.

Other Kinds of Cover

There are other general forms of cover, which your business may need to consider when shopping for small business general liability insurance. One of the newest and most increasingly popular is known as Cyber liability insurance and covers the payout on claims for damages caused by on-line content. When you own or operate a website you are responsible for all content that appears there. If your website publishes something that could be considered libellous, damaging or offensive it could result in a claim being made against your company. In this case your will want a cyber small business general liability insurance policy to cover you.

The Importance of Cover

So, why is small business general liability insurance so important? Surely a well run, efficient company with proper health and safety procedures has no need to pay above the odds on expensive cover for some unspecified accident that may or may not happen. Right?

Wrong. The risks to not insuring yourself properly with this kind of cover are high in the extreme and, no matter how small your company is, you are required to protect your staff, customers and the general public by law. The risks, both financial and legal, are simply too great to run.

When you set up a company you have certain responsibilities you need to meet. Insuring yourself the right way and making sure that everyone who comes into contact with your company is protected from the work you do is imperative and needs to be on the top of your to-do list when you launch your new establishment. Small business general liability insurance is, therefore, one of the most important purchases to make at start up. Start searching today and comparing prices on this all-important policy.

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