International Conference of Fundraising Managers

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Insurance Quotes for Businesses

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While it is true that residents of the UK receive free healthcare that does not mean that businesses can skate by without any insurance coverage whatsoever. In fact, all businesses are required by law to insure against certain kinds of risk, depending, of course, on the industry they compete in.

For example, a business that is involved in manual occupations, such as factories or construction, must obtain what is called Tradesmen insurance. These policies cover a business when one of its employees is injured on the job. While there are many types of policies for specific industries, the most common one is called general liability insurance, which is a requirement for any company that has employees.

If you do not obtain some type of liability insurance, not only will you be subject to criminal prosecution, but you may also be held financially responsible if one of your employees is injured on the job. The amount of insurance you must purchase often depends on the physical demands and the risks involved in the work you do. For this reason, many business owners compare insurance quotes before they sign any insurance policy.

In addition to liability insurance, every business needs basic insurance coverage, such as break-in, fire or flood. Again, the amount of insurance that a business requires depends mainly on the kind of business that they do and even on the neighborhood that they reside in. For example, if your business tends to keep large, expensive inventories and you are located in a high-crime neighbourhood, it goes almost without saying that you will want to purchase quite a bit of insurance to cover the company in the event of a break-in.

Lastly, there is professional indemnity insurance, which is necessary for any size business. This insurance protects companies against employee negligence. Specifically, it is designed to protect a business if one of its workers is accused of a breach of duty. This type of insurance is often purchased by private law firms or financial institutions.