Do I really need business insurance?
In a word: Yes!
Business insurance is absolutely vital if you want to protect the financial health of your business.
Insurance helps protect against financial risks and unexpected events that could disrupt operations.
Insurance covers property damage from disasters or theft, making sure your business can recover, without having to bear the full cost.
Insurance protects against lawsuits for accidents, defective products, or professional errors, covering legal fees and settlements.
Insurance boosts the credibility of your business, reassuring clients and partners of your business’s stability.
In short, insurance is essential in helping your business to thrive in an uncertain world.
Which insurance does my business need?
The type of insurance your business needs depends on its size, the industry you work in, and the specific risks associated. But whatever the variables, there are some key insurance policies which are commonly required:
Professional indemnity insurance
Professional indemnity insurance is designed to protect contractors against negligence claims. Common reasons for such claims include making a mistake or giving bad advice.
The policy covers loss of documents or data, breach of intellectual property, and defamation and libel - risks you may run if you work in journalism, media, legal services, or accountancy.
Public liability insurance
Public liability insurance provides cover for damage to third-party property and injury to third-party persons. It also covers any legal fees resulting from claims you defend.
However careful and professional you are, accidents happen, and the consequences can be severe. Public liability claims are typically very costly, so without this cover, you could find yourself severely out of pocket.
Personal accident insurance
If you’re a self-employed person who has an accident, either in the workplace or during a commute, it could drastically hit your income.
With personal accident cover in place, you’ll receive a weekly sum while you recover. You could also receive a substantial payout if your injury leaves you permanently unfit for work.
Employers’ liability insurance
As a contractor, you might think: “I’m not an employer, so I don’t need employers’ liability cover”. But it might not be that simple. For example, if your spouse looks after your accounts, or does clerical work for your business, employers’ liability insurance could be essential.
Directors’ and officers’ liability insurance
As a director of your limited company, (perhaps the sole director), you could find yourself held accountable if your business is ever accused of financial mismanagement, a health and safety failure, a breach of legislation, or of breaking company law. Directors’ and officers’ liability insurance covers the legal fees, which are sometimes considerable.
In summary
If you want to safeguard your business’s future, and put comprehensive protection in place against potential risks, you need to invest in the right mix of business insurance policies. Like those offered by business insurance specialists, Kingsbridge.
Kingsbridge Contractor Insurance
Kingsbridge Contractor Insurance packages all the five key products your business needs into one comprehensive policy. Including:
1. Professional Indemnity Insurance
3. Personal Accident Insurance
4. Employers’ Liability Insurance
5. Directors’ and Officers’ Liability Insurance
Admiral Professions Insurance by Kingsbridge: The cover UK tradesmen trust
The Admiral Professions Insurance package by Kingsbridge provides comprehensive cover for tradesmen and sole traders, ensuring professionals like you are protected against key business risks, including professional liability and workplace incidents.
Tailored to a wide range of trades, such as builders, carpenters, plumbers, bricklayers, electricians, and construction workers, the policy includes Professional Indemnity Insurance, Public Liability Insurance, and Employers' Liability Insurance, with FREE tools cover as standard.
Contact Kingsbridge today
Kingsbridge tailor their policy packages to provide the most comprehensive protection your business could ever need. All for a highly competitive price.
So get in touch with Kingsbridge today and keep your business moving forward.
Get a quote today