Large businesses and corporations have the benefits of experience, seemingly limitless finances, a vast legal team and the most comprehensive professional indemnity insurance policy money can buy. Small and medium sized businesses, however, do not and as such are extremely vulnerable.
Whilst a large company would be able to withstand the costs and reputational damage of a lawsuit and all its associated legal costs, a small business is very likely to go under before it is even properly established. This is why getting professional insurance tailored to the nature of your business is essential.
Types of professions that are covered include:
• Shops and retailers
• Offices and surgeries
• Pubs, restaurants and hotels
• Motor trade
There are many others besides these, but the important point is to take out a policy that covers aspects specific to your business’ needs.
For example, whilst retailers may require cover for theft, damage to property, employers’ liability and business liability; landlords may need a policy which covers different aspects such as loss of rent, contents cover and buildings insurance to protect against floods, fire repair etc.