Business Insurance is an insurance policy that you can buy to protect your business against loss or damage to property or against claims made against your business from somebody else.
If you run your own business or you are looking to start a new business then you may have been thinking, ‘what is business insurance?’. Our brief guide here should help to clarify things for you.
Your business will likely own assets such as machinery, computers, stock etc and all of these items will have a value. You may want to protect the business just in case something happens to those assets. For example, they may be damaged in a flood or fire, they might be stolen or they might be damaged in some other way. A business insurance policy can be purchased to ‘cover’ these assets such that in the event of damage the insurance company will pay for their replacement.
There are other types of cover available to protect the business assets. Many of these are included within standard business insurance policies for Offices, Shops, Restaurants etc whereas other types of businesses may require a more bespoke policy which is often known as a commercial combined policy (a commercial insurance policy providing a bespoke combination of cover).
It is also likely that the business will face potential claims from people. These could be people employed by the business (employees) or members of the public. If either of these classes of person suffer damage to their property or injury to themselves as a result of negligence on the part of the business then they could make a claim against the business.
Fortunately the business can arrange employers liability insurance and public liability insurance to protect itself against these types of claims. See our liability insurance page for details.
Find out more about business insurance.