The newly started companies are a fresh start of new ideas taking form and people working together to achieve the set target. This is the time when one by one everything is falling in place. We do not want all our hard work to go down the drain and so we have got to get the right insurance for our start-up diligently.
With numerous insurance covers for start-ups available in the market, it is difficult to know which one is best suitable for your business. Knowing the few main insurances and their necessity will help us decide the level of cover that we need in each segment of insurance. Public Liability Insurance at www.insurancepublicliability.com clears your doubt.
Whatever be the nature of your business, if you have employees, then you should be having employer’s liability insurance to cover your employees for any damage or injury that they might face while working for you. £5 m is the minimum cover that is provided for employer’s liability insurance. The firm not having this insurance attracts a fine of £2500 a day. So even if there are less than 5 employees, including those who work part time, is students or work away employees are all entitled to be covered.
Public liability insurance is not compulsorily got to be taken by Law unless you are a Public limited firm. But it is wise to get it as it covers any liability that arises against the third party while they are on your premises or even if you are on their premises when the damage is caused by you. Most of the reputed companies will prefer to work with a company that has got public liability insurance since it will cover any loss made to them. Risk is always uncertain and when it arises, it becomes a burden to shell out money for every claim that occurs.
Product liability insurance is for any product that you are either manufacturing or selling. If you are a middle man, just buying and selling products but including your name in the package of the product, then if there is any claim on that product, even you will be liable to pay for it. Any modifications that you make in the product are also counted as a charge, and you will also be held in case of claims. So if you fall into any of these categories, better get product liability insurance.
Click here to compare public liability insurance quotes for your small business start-up with huge no claims discount, low policy excess, public and employer’s liability clubbed in one policy.
