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Getting your business insurance right

Business insurance can be a tricky area to navigate.

Being under-insured can spell the death of a small business, but, on the other hand, it is all too easy to end up paying insurance premiums that are too high. This can place a significant drain on your business’s valuable resources.

Some common types of insurance that small business owners should consider include:

Workers’ compensation
All businesses with employees must take out workers’ compensation insurance to cover the costs of any injuries or illness incurred in the workplace. If you do not have employees but regularly hire contractors, you should double check that they should not be classified as employees as this may land you in a serious position in the event of an injury.

Comprehensive car insurance
If your business owns a motor vehicle you must have third party injury insurance, which is typically included in your vehicle registration. Depending on your financial position and the frequency with which you use your vehicle, it may also be highly advisable for your business to take out comprehensive vehicle insurance.

Public liability insurance
It is highly advisable for businesses to have public liability insurance, especially if they have a premises that is frequented by customers and/or clients. Public liability insurance protects you against personal injury and property damage claims that occur on your premises due to negligence.

Professional indemnity insurance
For many industries, professional indemnity insurance may be a wise investment. It protects your business against negligence claims made by clients. It will cover the legal costs of defending any claims and help in paying out any damages owing.

Product liability insurance
Any business that provides products directly to consumers should consider taking out product liability insurance. It will protect you against any financial damages or injuries caused by your products.


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