The level of commercial insurance that you decide to take out is dependant upon a number of things, one of the primary features being the kind of relationships that surround your business, the public, the people you employ and clients are just three examples. Within the United Kingdom, business are legally required to have what is called an employer’s liability insurance. This form of insurance is designed to protect the business against employee claims regarding illness or injury as a result of their job.

Depending on what sort of business you do, you might be required by other professional bodies, or even clients to take out certain kinds of insurance. Here is a breakdown of some of the most common kinds of business insurance.

Professional Indemnity Insurance

Professional indemnity insurance is designed to cover and protect you against what is often an overwhelming cost of defending or settling a client’s claim that you were negligent or made an error. This kind of insurance is vital should someone compensation from you because of something your company or product did. Professional indemnity insurance might be a good idea
if:

• You provide legal or consulting advice to clients
• You are granted access to a client’s confidential information
• If you are aware or knowledgeable of clients’ confidential information
• If your company provides any sort of  professional service that could be challenged

Public liability insurance

Public liability insurance is designed to protect your business against the cost of having to settle or defend against a claim for either property damage or bodily injury. Public liability insurance protects against claims made by either a client or member of the public. This sort of insurance is designed to provide coverage for any and all slips fall and trip that might occur in the workplace.

Employers’ liability insurance

Another popular kind of business insurance is employers’ liability insurance. This is there to protects your business against having to settle or defend against any employee who claims to have been hurt or has become sick as a result of their work with your company.