This is a broad question and the answer is dependant on the type of your business. However, we have tried our best to answer some of the most common questions and we are always available to help you assess your liabilities and provide you with the most complete business insurance quote.
In some cases you may have a contractual obligation for certain types of insurance. In the online world, freelancers are more commonplace now than ever before and contracts with larger clients frequently require that you are covered with professional indemnity insurance and public liability insurance.
At Central Insurance we know it is always important to consider the worst case scenario for your business and business insurance offers peace of mind and can stop the “what if” thoughts. There are various types of insurance that offer this peace of mind and again it is dependant on your business type.
Do I need business insurance if I work from home?
As with most questions about business insurance the answer is dependant on the type of business.
If you have visitors to your home in relation to your business you may need public liability insurance, which would cover you against claims from members of the general public in case of an accident on your premises.
Stock stored at home may not be covered by your home contents insurance and you may need to look into another policy to cover yourself in the event of theft or accidental damage.
If your business deals with sensitive information and clients personal data which you then hold on your premises, you may want to consider professional indemnity insurance.
Do I need business insurance for an online business?
When running an online business, you generally won’t be open to the general public like a brick and mortar store would be. However public liability insurance may still be applicable to your business if you are visited by customers and other members of the general public. This will cover you against claims in the event of an accident on your premises.
If you run an e-commerce business and keep stock on your property you will need cover for contents. As mentioned above, if you run your online business from your home and the stock is held there it may not be covered by your home contents insurance. Depending on the products you sell online you could also be liable from injuries caused by these items, such as jewellery and clothing as well as food poisoning claims if you are selling edible items.
If your business deals in professional advice or services, liabilities could include data loss and sensitive information breaches. For which you would want to consider professional indemnity insurance.
Do I need business insurance as a sole trader?
As mentioned at the start of this article, the answer to this question depends on the type of business you have and what the potential liabilities are.
If your business requires you to have tools, such as a home improvement business you may want to consider tool insurance. These could be stored in your van or in your home and may not be covered by your current insurance policies in the event of theft or accidental damage.
If you have any further questions about insuring your business and would like free professional advice, please get in touch with our business insurance experts today.