If you have just started planning your ultimate dream business then there are a few key essentials you may have forgotten about. In all the excitement it can be quite common to forget about the insurances and policies you need to consider within your business. Whatever insurance policies you decide to sign up for, make sure you are checking company reviews. Don’t sign on the dotted line before you know what you are signing up for. There is only one legal requirement when it comes to business insurance and we will discuss the options below. 

Employer’s Liability Insurance

This is the only one you are legally required to have. Employer’s liability insurance is responsible for protecting you if one of your workers decides to sue and make a claim against you. This can be anything from an injury to a claim of unfair dismissal or a problem with their wages. If you don’t have this insurance then you can expect a huge fine to arrive on your doorstep. The problem that can occur from not having this type of insurance is one of your employees or past employees can take you for everything you have. That would be the end of your business so it’s not worth the risk of not having it. 

Public Liability Insurance

You might also want to find a public liability policy that you can sign up for. This is exactly the same as Employer’s liability except it covers you should a member of the public make a claim against you or your company. Take for instance if you haven’t put a wet floor sign down if there has been a spillage. Someone could come along and slip causing themselves serious harm and injuries. If they feel the need then they could consult advice from a slip and fall injury attorney who will advise them to make a claim against you. Having money set aside for these eventualities will mean your business is safe. 

Building Insurance

The last thing you want is there to be some sort of disaster causing numerous amounts of damage to your building. One example of this could be a fire, if the damage is extensive then you won’t be able to work there anymore. Make a claim on your building insurance and you will be covered for moving to new premises and possibly, depending on your policy, repairs being carried out on your old place. This can be soul-destroying but the four walls can be moved, as long as no harm comes to you or your workers. 

Contents Insurance

Finally, similar to building insurance, these two policies usually go hand in hand. However, it is becoming increasingly common for businesses to just sign up for contents insurance. Whereas building insurance covers the four walls of your company, contents insurance covers everything inside those walls. This includes your furniture, paperwork, and any electrical devices or other technology that gets destroyed. When you sign up for contents insurance the company you use will ask you how much everything is worth. Give them a figure higher than what you estimate, this gives a bit of wiggle room should you miss anything or forget anything.