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BUSINESS INSURANCE

YOUR FIRST CHOICE FOR ADVICE AND SUPPORT

At Ideal Brokers, we specialise in business insurance, offering coverage to ensure the continuity of your business operations regardless of the challenges you may face. If you’re uncertain about the type of business insurance you require, we can assist in identifying all relevant liabilities and specific insurance elements tailored to your business niche.

INSURANCE THAT’S RIGHT FOR YOUR BUSINESS

Finding the appropriate level of business insurance is crucial for providing comprehensive protection against unforeseen circumstances, shielding your business from potentially devastating costs. This coverage extends to various expenses, including compensation, legal fees, and the recovery of buildings and contents.

Business insurance serves as a cornerstone for maintaining a secure and stable workplace environment and income stream. Any unforeseen crisis has the potential to threaten your business at any moment, and in some cases, it could even necessitate the suspension of trading operations until you’re able to resume normal operations. In such instances, business interruption insurance steps in to cover any lost revenue until your business is back on its feet.

Your dedication, along with that of your employees, has been a significant investment of time, energy, and commitment into your business. Therefore, you require insurance coverage that is flexible and customizable to your specific needs, providing you with peace of mind swiftly and without hassle.

We are here to ensure that your business can weather any adversity with our range of business insurance options, including liability insurance, business contents insurance, business interruption coverage, shop insurance, tradesman insurance, fleet insurance, and landlord insurance.

WHAT TYPE OF BUSINESS INSURANCE DO YOU NEED?

The types of business insurance coverage you require depend on the nature of your business activities. For instance, if you have employees or there’s a possibility of a member of the public being injured due to your products or on your premises, you’ll need specific coverages. You may also need coverage for buildings, contents, equipment, stock, or if your business provides advice or professional services.

Regardless of whether you’re a sole trader, self-employed, or running a small or large business, there are various aspects to consider. As a business owner, if you employ staff, you are legally obligated to have employers’ liability insurance, with coverage up to £10 million provided automatically. Additionally, certain professions such as lawyers, accountants, and financial advisors require professional indemnity insurance by law. Any additional cover you opt for to safeguard your business is optional.

HERE ARE SOME EXAMPLES OF THE MORE POPULAR FORMS OF BUSINESS INSURANCE:

COMMERCIAL INSURANCE

As a commercial business, there are some legal requirements in terms of insurances, and other non-mandatory business insurance options that may be recommended to protect your company depending on the type of business that you run.

BUSINESS BUILDINGS INSURANCE

If you have business premises then an insurance policy will be required to protect against risks such are fire, storm damage, flooding and escape of water. If you are a tenant and rent your premises then the landlord will be responsible for insuring the building, unless the business has a shop front.

BUSINESS CONTENTS INSURANCE

If your business relies on expensive contents such as equipment or stock then you will also need a business contents insurance policy. When business assets such as office furniture, laptops, machinery, kitchen equipment, or print presses for example, aren’t insured then you can risk the ability to continue trading should these items not be insured.

BUSINESS INTERRUPTION INSURANCE

As a commercial business, there are some legal requirements in terms of insurances, and other non-mandatory business insurance options that may be recommended to protect your company depending on the type of business that you run.

TRADESMAN INSURANCE

If you are a self-employed tradesman you will need a specialist business insurance to cover specific risks which are inherent in such conditions as well as insuring your tools, etc.

CONTRACTORS ALL RISKS INSURANCE

If you are a tradesman carrying out work on a contract site then as part of your business insurance you will need Contract Works Insurance. This will protect your work in progress as well as liabilities, property, tools, plant and equipment.

JCT INSURANCE

Joint Contracts Tribunal Insurance outlines the responsibilities of the employer and the contractor on projects within the construction industry. Where incidents occur and negligence cannot be proven, damage or injury to third parties would not be covered by normal public liability insurance and so JCT Insurance is required to cover this scenario.

SHOP INSURANCE

If you own a shop then you will need to get the right business insurance to cover your needs. From accidental damage and theft to fire and flooding. There are several standard insurances that are included as well as some additional specialist options that may be relevant to your shop.

LIABILITY INSURANCES

If your business offers a professional service or gives advice to other businesses then you may need this from of business insurance. Some clients may require that you have this form of insurance before doing business with you, professions such as business consultants, accountants, architects, IT professionals, real estate and medical professionals are commonly affected.

EMPLOYER’S LIABILITY INSURANCE

Employer’s Liability Insurance is a legal requirement for those businesses that employ staff. This form of business insurance protects against employees being injured or falling ill at work or because of work.

DIRECTORS AND OFFICERS LIABILITY INSURANCE

D&O Insurance protects you from being sued or suffering losses from acts of negligence by an employee. It offers financial support and defence against potential investigations into the behaviour of executives and the way the business is managed.

PUBLIC LIABILITY INSURANCE

If your business encounters members of the public then this insurance is needed to protect against compensation claims for injury or damage. Some client contracts may even require a specific level of public liability insurance.

PROFESSIONAL INDEMNITY INSURANCE

If your business offers a professional service or gives advice to other businesses then you may need this from of business insurance. Some clients may require that you have this form of insurance before doing business with you, professions such as business consultants, accountants, architects, IT professionals, real estate and medical professionals are commonly affected.

MOTOR FLEET INSURANCE

Motor Fleet Insurance is also a legal requirement and Business Fleets are no exception. If your business operates a fleet of vehicles from as little as three to 500+ you can get motor fleet insurance all under one policy at a cheaper rate and with more convenience. Even if you operate a grey fleet, where employees use their own vehicles for business use, you will need business insurance to cover you for this.

LANDLORD INSURANCE

If you rent a property either as a Landlord for business or as a tenant for business use then you will need Landlord Insurance. This will be arranged by the Landlord unless the building has a shop front. Landlord Insurance can also include cover for loss of earnings from forced closure in disaster or if you can’t find a tenant for a period.