A Beginners Guide to Business Insurance

The entire thought of business insurance can be confusing, but at Investment Group Operations we have aimed to make this easier for any small business owner or freelancer. Discover business investments.

We have listed some of the most common policies and covers that you may need.

General liability & business property:

This insurance covers losses that have resulted from property damage, suspended operations or liability from injury/property damage to others.

Even if you feel that your business is free from risk, it is still important to be covered as liability insurance can protect the assets of the business if somebody was to claim against you.

Employers’ liability insurance:

Employers’ liability insurance would cover the legal costs if you had to defend claims of discrimination, wrongful termination and other acts. It provides protection against any employee lawsuits. Find out more from Stone Manor.

If an employee, in the past, present or potential feels that they have been a victim in the business they have the right to claim against the employer for damages that were caused. Therefore, this cover helps to pay the costs of any legal battles.

Product liability:

If a client or employee is injured from a product that is sold, manufactured or designed in your business, the policy would cover the cost of compensation.  You could also be held liable if it causes damage of a property.

When can you be held liable for a product?

  • Business name is visible on the product
  • You repair, refurbish or changed said product
  • Was imported from outside the EU
  • If the manufacturer cannot be identified

A policy suited to you

If you’re in the beauty, fitness or therapy field there are companies that can provide you with policies that are suited to your salon, studio or as a freelancer.

As a creative individual with a vision for the industry, it is important that your achievements are fully protected with the right policy. See www.salongold.co.uk for more information.

Having insurance from a company that is trustworthy, reliable and experienced is necessary. Businesses that specialise in insurance in a specific sector, makes it easier to work with as they can understand any issues that you may be faced with, therefore devising an effective policy.