Jun 28, 2017

Insurance tips & terms small businesses need to be aware of;

No matter the size of your business, it is important to know the insurance required to ensure you are covered. 

Insurance tips & terms small businesses need to be aware of;

General Liability Insurance (aka Commercial general liability);

A standard insurance policy issued to business organisations to cover bodily injury and property damage to third parties. If a client comes into your office and falls over, your general liability policy should cover the associated costs.

Professional Indemnity Insurance;   

Professional Indemnity covers you if the professional services you provide are done incorrectly. This can include negligence, copyright and trademark infringement. Professional Indemnity insurance should cover the cost to defend yourself, even if you did nothing wrong. Make sure your professional liability insurance covers the risks you face in your specific type of business.

General Business Insurance;

A business owner policy covers the equipment you need to do your work. If you are a builder, for example, a business owner policy would cover your tools, and other work related equipment. This type of policy often includes business interruption coverage, which pays you for the revenue you lose if your equipment is stolen or damaged, until it can be replaced.


When someone feels your business made an error or they have been injured by you, they will make a claim for damages. A claim begins the process of negotiation between the injured party and you, or your insurance company, if you are covered. If the insurer determines that the claim is valid and covered, they will negotiate a settlement on your behalf according to your policy. 


If you have employees, you’re required to have worker's compensation insurance However you should also have liability insurance as well, which could protect you from a discrimination claim from an employee, or from a claim resulting from something your employee did.

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