Different types of business insurance cover different risks. Public liability insurance covers compensation claims submitted by members of the public, and professional indemnity insurance covers it if your client claims money back. Employer liability insurance covers employee compensation claims.
Each type of business insurance is designed to cover a different set of risks that you face while running your business.
Public liability insurance can cover your business if a member of the public sues you for damages or injury. Your insurance can cover legal fees and compensation payments up to the limits set by your policy.
Professional indemnity insurance can cover compensation claims brought against you by a client if you think you gave bad advice or made a mistake in your work. This can include things like the mishandling of customer data.
Employers’ liability insurance can cover compensation claims filed by an employee for injury, illness, or damage suffered as a result of their work.
You can also choose insurance to cover things like your business building, contents, equipment, tools, and inventory in case they are damaged or destroyed.
Does business insurance cover theft?
Unfortunately, there are many different types of theft, and depending on your business, a thief can steal many things.
If you are concerned about the loss of things like laptops, consider buying insurance for your business equipment. This will cover items that are stored in most home and business offices also if they are left overnight in a closed car.
If your business has any stock that needs to be protected, you may want to consider stock insurance, which covers both theft and accidental damage.
Also, if your customers leave their items with you, for example for repairs, stock insurance may cover the cases as stealing while they are in your possession.
And if you have a store, the insurance covers theft in the store insurance. This includes money left overnight at the facility, as well as losses incurred due to dishonesty by employees.
Think about your safety and check the opportunities that can help your business in the future. Contact Persona Finance [firstname.lastname@example.org] for consultation on how to manage your business finance.