No business is without risk, and risks can vary depending on the type of activity a business undertakes.
Business insurance is there to protect against a multitude of losses or damages suffered in the course of day-to-day activities, with types of cover comprising primarily property, liability and workers’ compensation.
In general, property insurance covers damages to your business property, liability insurance covers damages to third parties, and workers’ compensation insurance covers on-the-job injuries to your employees.
Depending on your business, you may want additional specialised cover. This may include:
Professional Indemnity insurance
Professional Indemnity insurance, also known as Professional Liability insurance, covers legal costs and expenses incurred during legal proceedings, as well as any damages or costs that you may be liable to pay if you are alleged to have provided inadequate advice, services or designs which cause your client losses or damages.
Public Liability insurance
Public Liability insurance will cover you if a member of the public is injured or suffers loss in some way because of your business, or if you damage third party property whilst carrying out work. Whilst having this cover is not a legal requirement for some businesses, it should be considered essential, especially if members of the public will be interacting with your company.
Employers’ Liability insurance
Most employers are legally obliged to take out an Employers’ Liability insurance policy. It can pay compensation costs and/or legal fees if an employee or ex-employee sues for illness or injury caused by their work.
Rest assured that Hugo Wright will find the best cover for you. Our expert advice, attention to detail and flexible approach means we can save you time and money, and ensure your business is covered to the right level.