What kind of business insurance do I need?

What kind of business insurance do I need?

At the RAC we know that protecting your business from the unexpected is essential. Wherever possible, it is vital to be fully prepared so that your years of hard work and investment are not vulnerable.

For business owners, being properly protected means having the right kind of business insurance. You have invested a significant amount of time and passion - not to mention money – into your enterprise. So the importance of ensuring that your financial security is safeguarded cannot be underestimated.

However, at the RAC we recognise that there is no ‘one size fits all’ business insurance solution. What suits a restaurant owner with a team of 20 will not offer the same peace of mind to a self-employed carpenter with a part-time assistant.

Tradesman’s Liability Insurance

For the carpenter, Tradesman's Liability Insurance will cover legal costs if a mistake on the job has unwanted consequences. Similar kinds of cover are available for other sole traders, small and medium-sized businesses, and can include Employer’s Liability Insurance – a legal requirement if you employ anyone.

Hotel and Guesthouse Insurance

A restaurateur with a growing workforce and an expanding business may need more comprehensive cover. Both Hotel & Guesthouse Insurance and Pub & Restaurant Insurance can include public and employer’s liability, contents and stock cover, and business interruption protection in a package that’s specifically designed for the catering profession.

Professional Indemnity Insurance

If your business is providing professional advice such as accountancy then Professional Indemnity Insurance is an absolute must. Mistakes do happen, and this protects you in the event of an error that results in a client’s financial loss or injury. It also provides cover should you have a difference of opinion that leads to legal action.

At the RAC, we can design bespoke business insurance packages that are tailor-made to fit your business. That can include insurance for shop premises and office spaces that protect against accidental damage or interruption of business operations.

Personal Liability Insurance

If you work from home, your business is not fully protected by a standard household policy. Home business insurance can cover buildings, contents, and equipment used specifically for work such as computers, printers or phones. There is also the option to extend your occupiers' and liability insurance to cover work-related visitors.

Whether you’re big or small, local or national, the right business insurance allows you to get on with the important task of running your company. Don’t underestimate the importance of having the right business insurance to protect your assets, your business and your future. Talk to a specialist advisor at the RAC, who can help you create the right business insurance package for your needs.

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For more information or a quote call us on:

0344 892 1757

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