Thinking of starting up your own business? Already have your own business? Businesses insurance is probably one of the considerations you need to think about if you run your own business.



In the UK the business you are in and the work you do will determine the type of business insurance you will require.





Lets say for example that you are a Bricklayer, you work on other peoples property maybe building extensions or doing odd jobs. For this type of work you will almost certainly need Public Liability Insurance. This will cover you for injury or damage you might cause to another person or their property.



If you employ people you will need Employers Liability Insurance which will cover you from claims that an employee might make if they are injured or fall ill whilst at work.



There are also various other types of insurance that you might want to have depending on what you think you might need.



Now lets look at if you were in another profession, for example an Accountant. As an Accountant you are giving advice to other people about their finance. If a client was then to suffer some kind of financial loss because of your advice they could make a claim against you.



As an Accountant, in order to cover your business from potential claims you will need Professional Indemnity Insurance. This will cover you if advice you give is proven to have caused your client a financial loss.



When you buy your business insurance it is important to make sure that you buy the insurance that is right for your business. It is surprisingly easy how you can end up with insurance that you dont need, such as cover that you didnt need to take out and that pushes up the price you pay.