Insurance is a confusing world to navigate, especially if you’re not used to it! When deciding on which insurance to go for, it’s important to know what you’re trying to protect and what risks for potentially face. When looking for business insurance, you will have into everything from public liability insurance, to building and contents. Plus, it’ll all be industry dependant on which cover in legal and essential.

Think about the kind of work you do and the risks you need to cover? Is there a chance a member of the public could be injured by your business and claim compensation? Do you have buildings, content or business equipment to insure?

Below is a handy list on the most popular types of business insurance and the reasons why you may need them to help you get the right cover.

Public liability insurance

You need to consider public liability insurance if your business comes into contact with members of the public, whether that’s at your premises or elsewhere. This cover will protect you against compensation claims for injury or damage made by clients, customers, or suppliers etc. This will be applicable to shops, restaurants, hairdressers, builders etc.

Professional indemnity Insurance

Professional indemnity insurance, also known as PI Insurance, is important if your business gives advice or offers a professional service to other businesses, or if you deal with client data or intellectual property. This will cover you should you ever make a mistake in your work and a client loses money and sues you as a result. Professional indemnity insurance can cover the compensation claims and legal costs.

Employers’ liability insurance

If your business employs staff, it’s likely that you are probably legally required to have an employers’ liability insurance policy. This covers compensation claims that could be made by a member of staff because they’ve suffered injury, illness or damage as a result of their work.

Business buildings, contents and stock insurance

Business buildings insurance should be a priority, even if you work from home. If you rent the premises, make sure you check with your landlord to see what’s already covered.You can also protect the contents of your business premises, such as your business equipment or tools. This is very important, because if these are damaged, destroyed, lost or stolen, this cover will pay the costs. Also, if you hold any stock, whether on your premises or in storage, stock insurance will cover the cost of replacing it should it ever be damaged or stolen.

Insurance is sometimes a legal requirement, by even where it isn’t, it’s worth having. The peace of mind alone that insurance can offer you is worth it, and should the worst hoppen, you know you won’t lose everything.