Have you got the right insurance?
20th April 2021
The right insurance for your business
Many sole traders and smaller companies suspended their insurance during lockdown, so now is the time to check that your business has the right cover in place.
There’s been a lot of publicity about business interruption insurance during the pandemic and the Financial Conduct Authority taking insurers to task for not accepting some claims. As we emerge from lockdown, there’s a new impetus to get back on track.
Whether you’re a limited company, sole trader, partnership or not-for-profit organisation, insurance is vital to protect you and your customers. Even when working from home, you should be covered.
Insurance protects you against everyday risks that come with your normal business activities, such as mistakes, accidents, theft, damage and legal fees, but the exact cover you need depends on the business you run and how you operate it.
More options are now available to small and medium-sized businesses and sole traders, including (but not limited to): Professional indemnity – Public liability – Employers’ liability – Business insurance – Medical malpractice – Charity or club – Freelance – Cyber insurance – Directors’ insurance
We talked to one of the UK’s top independent brokers, Suffolk-based PolicyBee, and tried their fast online insurance service. Questions are answered by their own specialists, not a call centre, and they can advise on appropriate insurance. Policies are refreshingly jargon-free. They look after over 30,000 businesses, freelancers and consultants, and are rated 4.8 out of 5 on feefo.
Some of the cover available may be a surprise, from e-commerce and selling on Amazon to mobile beauty therapists and hypnotherapy. For small business, insurance can be as broad or specialist as you need. For example, what’s the difference between malpractice insurance, professional indemnity and public liability insurance? That’s where insurance professionals can unravel the complexities and make the process seamless and painless.
Working practices have changed over the last year. Some people are continuing to work from home or splitting their time between home and office, so their insurance needs may require a review.
“It’s important not to put off checking your insurance cover and whether it’s still fit for purpose, particularly if you’re building a business or your circumstances or business have changed.”
– Alison Smith, Masterlord Estates
For more information on PolicyBee or to obtain a quote online, visit policybee.co.uk or call 0345 222 5399.