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Understanding Business Insurance

by Dave Dobson

When it comes to business, we will have more to think about than just customers or staff management, we will also need to think about protecting the financial future of the business. This is where commercial insurances are necessary. Some may be compulsory, whereas others will ensure that our business does not end up in financial difficulties because of one employee’s mistake or an unfortunate event that nobody would have predicted.

A website that helps businesses find insurance is onesureinsurance.co.uk. They are experts in guiding businesses to the right policy for them and obtaining a price that will please the accountant looking at all the expenses to save money.

 

Van Insurance

Vans are insured for personal use but mostly they will be used for business activities. Commercial vehicle insurance will, for instance, be purchased so that a delivery van is covered and the items inside are as well.

A courier service, for example, will require a vehicle large enough to accommodate many parcels of varying sizes. A van will prove a greater insurance risk because of its often-larger engine size and the value of the goods being transported. Insurance companies know this but can still offer competitive rates to businesses. 

Often a fleet of vans will be insured and then it is important to control how individual drivers might be resulting in higher insurance premiums. We can, for insurance, consider speeding convictions before employing someone. Clean driving licences mean lower insurance premiums.

 

Motor Trader Insurance

For certain businesses, it is not enough to just have a van policy, they are involved in managing the vehicles of others and not just those of the business. These will be businesses that employ mechanics, valeters, or car sellers. 

Apart from insuring the vehicles at work premises, there is also the cover needed when vehicles are collected and then delivered back to customers. These vehicles can include top-of-the-range vehicles that are of significant value. You should check that a policy also covers high-performance cars when in this type of business. 

Insurance cover for motor traders will include cover against damage caused to a customer’s vehicle whether it occurs on the road or is a result of vandalism. There will also be theft cover as a protection for vehicles kept overnight at work premises. Anything of value will be attractive to thieves looking to profit.

Also, there seems to be that element that will find it amusing or consider it a boredom-relieving pursuit to vandalize cars, whether it be by scratching them or seeing their windows smashed. Sadly, this does happen, and many businesses simply cannot afford to stand this loss. They do not have to when they can insure them.

 

Liability Insurance

A business can be sued if someone is injured because of their activities or if there is something unsafe about their premises. Liability cover can be purchased that will protect customers, staff, and those simply in the vicinity of work premises when it happens, so not customers at all. Injuries sustained can mean lost income and costs to pay while someone recovers. 

Where injuries are more serious, pay-outs can result in many thousands of pounds being awarded. A business will need to make sure that they are never in the position where they need to find these amounts of money. Insurance is the solution.

Out of Employer’s liability and public liability, only the first one is compulsory by law, but both are essential when you own a business and want to continue to trade even when an unexpected event has threatened to make it never possible again. Any business without the necessary insurance can be perilously close to financial disaster because of not having protected themselves from the eventuality that sadly becomes a reality.

Many trade associations will not allow companies to register with them unless they have public liability insurance, so it is worth having a policy that combines employer’s liability and public liability.

 

We hope the above has provided a better understanding of how insurances work for businesses. How some are compulsory, but all are necessary to have to protect a business financially.

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