Thirdly, if there are ‘trespassers’ who enter the business premises without the permission of the occupier, there is still a degree of care owed but it is slight compared to both invitees and licensees. A good example of this is a child who wanders onto a business premises and injures themselves without necessarily knowing the dangers associated with the building.
There are many other types of insurance that small businesses might require including:
Equipment insurance
Equipment insurance covers the damage or loss of equipment within a business, subject to the terms of agreement. For example if a new PC is damaged or dropped and wasn’t covered in the warranty, a good insurance policy would cover the purchase of new equipment.
Buildings and contents cover
Buildings and contents cover insurance protects a business’s property from damage, including the fixtures and fittings inside the property.
If you are storing your stock at home then contents cover will be essential.
You could risk losing business and income if tools are stock is stolen and you cannot afford to replace them.
Legal expenses insurance
Legal expenses insurance helps protect a business if legal action is taken against the company and, for example, legal fees and court costs are incurred.
Self-employed workers in small businesses rarely consider the implications of being sick or having an accident, which can leave them unable to work for long periods of time. Sickness and accident policies cover these eventualities, as well as some longer term policies such as income replacement insurance.
It is generally a good idea when shopping around for the best insurance quotes to compare like-for-like cover, a popular way of lowering cost. So make sure you understand every aspect of what is included under the proposed insurance deal – it will greatly benefit you if and when you need to make a claim.
It’s important to seek specialist advice and to request quotes for your specific needs when looking for insurance.
