What is business insurance?
Every business needs to have insurance in some form or another. Business insurance is mostly used by small and medium sized-businesses. It provides protection for things such as Public Liability, Business Interruption Insurance, Fire, Theft, commercial car insurance, financial risk and many more.
Some of these covers are compulsory depending on the industry you’re in, so its important you have an understanding of what business insurances you will need. As business insurance brokers, its our job at LARK Insurance to make sure we find the right policies to suit you and your business’ needs.
What does business insurance cover?
Business Insurance policies typically allow you to select relevant sections of cover based on your individual needs, and then group them all together in one policy. It’s important to remember the sections of cover, and the cover itself, can vary considerably from insurer to insurer. Some of the more common sections you can expect to see in a standard business insurance policy include:
- Commercial Property Damage – covering property damage to your business assets such as buildings, contents, stock and customers goods in the event of an insured incident.
- Business Interruption – covers loss of profits in the event of a property damage claim.
- Burglary/Theft – covering theft of goods from the insured premises.
- Money – covers theft of money in a variety of locations such as whilst on the premises during business hours, outside business hours, during transit, in a locked safe and even at private residences.
- Public Liability Insurance – covers legal liability for injury and/or damage caused to a third party. This generally can come in two parts, Public Liability and Product Liability.
- Equipment/Tools Insurance– covers portable property that you take away from your premises against material damage perils.
- Computer and Electronic Equipment – covers loss or damage to computer and/or electronic equipment.
- Commercial Car Insurance – If you have vehicles in your business, adding them to your policy can help your business insurance cheap.
LARK Insurance are experts in all things insurance for your business and can help tailor a specific insurance plan to suit your needs. Talk to us today about your business & commercial insurance needs.