Business insurance provides comprehensive business cover in a single policy. Primarily designed for small businesses engineers, manufacturers and wholesalers; combined commercial insurance is a manageable and cost effective way to safeguard against all aspects of a business’ risk. Policies are tailored to individual company needs.
Business Insurance includes cover for…
- Material damage, burglary and theft
- Employers’ liability: required by UK law if you employ staff
- Public and products liability
- Business interruption
- Stock and goods in transit
- Money: either held on the premises or by an authorized employee
Umbrella Liability Insurance
Umbrella liability insurance protects you when accidents happen and your existing liability insurance policies cannot cover all expenses. Standard business liability coverage will take care of you in most situations, but when serious situations arise, umbrella liability insurance will help ensure that your business is protected. While no one wants accidents to happen, they do – and people sue.
Here are a few possibilities…
- Your company holiday party gets out of hand resulting in various injuries and damages
- Your building has a carbon monoxide leak that results in multiple injuries and/or deaths
- Your business fails to render the appropriate professional services
A business umbrella policy picks up where your business auto liability, general liability or other liability coverage stops. Umbrella insurance is an inexpensive way to provide extra coverage against bodily injury and/or property damage.
Business Auto Insurance
You need commercial auto coverage if you or your employees will use titled vehicles in their work. Many small-business owners believe that if their car is in their personal name then commercial coverage is not necessary and their personal auto policy will cover the auto. This is not true. Most personal auto policies exclude from coverage the use of a vehicle for commercial purposes.
Now, it is true that the exclusion applies if the vehicle is being used primarily for commercial purposes. And some ill-informed advisors/agents will advise small-business owners that such a policy is not necessary.
The last thing you will want to do is argue with your insurer over whether your automobile was used more for personal use or business use. If you use any titled vehicles in your business, then purchase this coverage. In my opinion, the risk of a serious auto accident wiping out a small business far exceeds the premiums paid for the coverage and this is not the place to save premiums.
A commercial auto policy does the same thing as your personal auto policy. It provides coverage to repair or replace a vehicle damaged in an accident and it will pay the claims of any third-party injured in the accident.
You should purchase “non-owned auto” coverage as well. This coverage will provide coverage to the business when employees use their personal vehicles for the business. It will also provide coverage whenever the business makes use of vehicles it does not own. This includes your car when used for business purposes.