The World Of Business Insurance
By: Nathan De Bond
Business Insurance is a general saying that can encompass many types of insurance and therefore a lot of people get confused when the term is used. There is no specific type of insurance known as business insurance but obviously the first thing that most people would think of is anything that they run as their business.
Most people assume that it has to be shop or office insurance for example if they either work from a shop or office then not only will they want to insure the building if anything was to happen to it but they may also want to insure all the equipment that they use and all of the stock that they may keep their. This is so that whatever may occur the place of work will still be able to carry on should the worst happen without the business owner having to pay themselves to put whatever has gone wrong back to normal again. This type of insurance is also used to cover if the customer comes in to the premises and if they were to get injured whilst inside the premises.
The second type most people think comes under this heading is that it is another name for Public and Employers Liability Insurance for tradesman as that is the persons main business and how they earn their money. This can protect the policyholder from any third part injury or any third party damage that they may cause whilst carrying out their work, and if they have employees then the Employers Liability Insurance is required by law and without it you can be heavily fined and even stopped from running a company again.
There are also people out there that can have a lot of rental properties and run them as their main business so when they ask for this type of insurance what they actually mean is Landlord Insurance. If you have a lot of rental properties then there is a high chance that something may happen to damage them and if you don't have insurance then you may end up having to pay to repair all the damage yourself rather than paying for the insurance and then making a claim when something substantial happens.
So whatever type of business you may have you can get various types of insurance policy to cover them, so be it a single tradesman, a shop or even an office with a large number of staff you can get insurance cover for most circumstances if you just try to find them under the term of business insurance.