Business Insurance for the self employed, sole traders and small business owner, business insurance for builders, tradesmen, shops, cafés, restaurants, accountants, bookkeepers, engineers and landlords includes professional insurance, public liability, professional indemnity, employers liability and buildings insurance.
Business insurance is the umbrella policy under which you can have several different types of insurance to suit your business if you are a sole trader installing kitchens or bathrooms then you would need for example public liability insurance in case your business activities caused damage to other premisses or injury to anyone and you might also need professional indemnity insurance to insure your workmanship against claims, for example you install some pipes which then floods the house causing damage to furniture, with professional indemnity insurance the insurance would pay out against any claims brought against you.
A sole trader might also want to include van insurance on their business policy to have their builders van insured under a single policy and maybe also buildings insurance for their office so that if there is any problems with the structure of the office for example high winds blowing the roof off the building then they will be able to may a claim on the insurance.
Sole Trader Legal Cover
The sole trader might also want legal cover so that if they are taken to court by for example an unhappy customer claiming that the bath leaks and has ruined the ceiling of the room below then the legal cover would pay for any solicitors that you had to hire to fight your case, you would typically pay the costs yourself and then claim it back on your insurance afterwards.
With business insurance you can complete an online quote form and select the types of insurance you want included on your business policy, for example if you are an engineer then Professional Indemnity Insurance, basically insuring the work that you as a professional have done or the services you have provided like consulting or writing plans will be important but if you are a café selling cakes and teas public liability insurance will be far more important which would pay out in the event of a customer complaining that they got food poisoning after eating one of the cakes in the teashop.
If you are a small business bigger than a sole trader where it is just you in the business but you also employ one other person or more then you will need employers liability insurance, this is insurance that will pay out in the event of a claim against you by your employer, for example your employer trips down the stairs and hires a ‘no win, no fee’ lawyer to take you to court because the stairs in your building did not have a handrail, in this example it is the employers liability insurance that would pay out compensation to your employee if their claim was upheld by the courts or a tribunal (depending on the nature of the claim).
Accountant Or Bookkeeper
As an accountant or a bookkeeper or other financial person your be calculating figures and making accounts for other companies on a freelance basis perhaps, if your client gets a large tax demand and blames your accounting practices for the reason there has been a tax demand its professional indemnity insurance that would pay out to your customer if it was found that your accounting was inadequate for example.
A landlord will want buildings insurance on the property they are renting out, this might be a private landlord renting out a residence or a commercial landlord renting out space for a business, either way the landlord will want building insurance to insure the property against fire, flood and structural damage for example and possibly contents insurance if the building is provided furnished or a workshop for example with machine tools in place.
Business insurance is not one type of cover it might be public liability insurance where the business may cause damage or injury to property or people for example a window installer might cause a ladder to fall over, if the ladder was to hit a passing car or member of the public for example then its the public liability insurance that would pay out, the sole trader with no employees will not need employers liability insurance so you can see how several different insurance products can be mixed and matched to make the business insurance policy that is bespoke to you, its easy to choose the options you need with an online quote, then once you have agreed to pay the monthly premiums by direct debit your insurance will start, either on a date that you specify or immediately, if your just starting out in business you can have your insurance purchased and active within a matter of minutes.
With an in house claims team any reason to claim on the insurance for example an employee is claiming that the lack of safety equipment caused them to be injured, your be able to phone the claims team and find out what you need to do and what information you need to give your employee, then if there is a claim to be paid the claim can in some instances be paid in as little as 48 hours from first registering the claim.
Tradesmen (Tradesman Insurance) from all trades such as plumber, painter, installer, welder, plasterer, bricklayer and many more can all take out tradesmen’s insurance this is a type of business insurance specifically designed for tradesmen, with the individual insurance polices you need all grouped together such as public liability cover and professional indemnity insurance, you can change the exact insurance products that are suggested when yon use the online quote form.
For public indemnity insurance you can choose from a policy with typically one million to five million pounds of insurance, the actual amount of public liability insurance you need may vary depending on your business for example if you are a builder that specialises in restoration of old properties you might want more public liability insurance than a painter who specialises in painting the exterior of a house because the damage or injury that your business might cause very much depends on where that business is operating, next to expensive homes or next to open fields for example.
If Someone Is Injured Because Of Your Business
If someone is injured due to your business or there is property damage due to your business its the public liability insurance that will be claimed on either by you to settle a claim with a member of the public injured or whoever has had property damaged by your business or directly by their insurance company communicating with your insurance company, for example you run a small workshop and a welding gas cylinder explodes causing damage to the neighbouring property the owner of the neighbouring property would want to claim against your insurance for the cost of repairing or rebuilding their property.
Restaurants, cafés, burger vans, fish and chip takeaways and other food based businesses (Catering Van Insurance) will also want pubic liability insurance to insure themselves against the customer claiming that the food prepared by your restaurant or takeaway made them ill, the customer might want to make a claim for lost earnings due to time off work ill or the cost of medical treatment, you would make your insurance company aware that the customer has complained against you so that your insurance company can handle the claim on your behalf, it might not always be the case that your insurance pays out, if your insurance company researches the claim and finds that you are not liable then no claim will be paid.
Your be able to pay for your insurance either monthly by direct debit which will be cheaper as there is often a discount for direct debit payments or you will be able to pay for the whole year in one payment by bank transfer, this is popular for some businesses, schools, church groups or charities which have a bank account for a bank transfer payment but do not have a credit or debit card on their business bank account.
Basic Business Insurance For The Self Employed
A self employed person commonly called a sole trader will only need very basic business insurance, if the sole trader does not have premises to insure then no buildings insurance will be needed and if the sole trader doesn’t employ others then no employers liability insurance will be needed, but there might be additional insurance needed for example if the sole trader wanted to insure their van on the business policy, this makes it both easier for the self employed person as well as cheaper as you only have one policy to cover all your business insurance needs and its cheaper than getting multiple insurance products from different insurance companies.
Small claims that might be made on tradesmen insurance, for example a plumber fits a new radiator into a home and the radiator leaks over an expensive rug and ruins the rug, the customer might want the tradesmen to pay for a new rug, with tradesmen insurance the claim can be presented to your insurance company and if its a valid claim (after the insurance company collects details of the claim from your customer) then the insurance will pay out.
This type of tradesmen insurance with guaranteed work that is backed by an insurance policy is attractive to the customer because they know that if anything goes wrong with the work that you are doing then there is insurance that can be claimed on.
Flexible Insurance Policy
With a flexible insurance policy the business only needs to pay for the insurance that they need, if you are a tradesman and don’t have your own premisses because you work in the customers home then you won’t need business building insurance so you can simply not purchase that part of the insurance policy this makes the insurance cheaper because the insurance that you do buy is exactly the insurance that you need, you can also add to the insurance at any time you like, so for instance if you took on your first employee where before you where a sole trader your then be able to add employers liability insurance to your business insurance.
Business insurance needs not be complicated you can buy the insurance online in the morning and be insured in the afternoon on the very same day, of course you can also select the start date for your insurance so that you can make your new insurance start after your old insurance policy ends.
Professionals like engineers, consultants and accountants will be working on clients businesses where their actions could cost their clients millions of pounds if for example the engineer has specified the wrong grade of steel for the building supports and the building collapses, the client would then want to recover the costs of rebuilding from the engineer and potentially those injured inside the building or those outside who had cars damaged or other injuries might also want to claim property damage or the cost of treating injuries from the engineer who designed the building, professional indemnity insurance would pay out for such cases, a professional person should also consider legal cover so that the costs of any court cases and solicitors fees can also be claimed on the insurance.
Public Liability Insurance, Indemnity Insurance, Employers Liability Insurance, Buildings Insurance And Even Van Insurance
Business insurance is a term that actually applies to many different types of insurance such as public liability insurance, indemnity insurance, employers liability insurance, buildings insurance and even van insurance, your be selecting the exact insurance products you need when you buy your policy online, buying from specialist business insurance experts rather than high street insurance companies mean that your getting the lowest prices because not only do they insure more businesses than anyone else they also have the experience to offer the types of insurance you need with specialist packages of insurance for tradesmen, professionals and even takeaway food vans and restaurants.
With small claims paid in as little as 48 hours you can be assured that your spend all your time running your business and not worried about whether your insurance is appropriate for your business or whether you would have to personally pay out in the event of a claim, with the insurance companies own claims teams to advise you your getting expert advice as part of your insurance policy.