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There are different categories of insurance which you need to know about to secure the policy that’s right for you. The main ones are:  

Professional indemnity – relevant to businesses offering services and knowledge and provides protection if you receive a claim alleging a negligent act, error or omission committed by you in the course of the conduct of your professional business.  

Public liability – advisable to have if clients are visiting your home office and/or you are supplying goods to consumers. This will protect you in the event of potential injury to business visitors and/or damages arising from the supply or sale of goods which have caused injury to a third party or their property.  

Business interruption – covers your potential loss of revenue following a material damage loss.  

Employer’s liability – applies when you have employees and offers protection in the event of death or injury to them sustained in the course of their employment.  

Motor insurance – this is different to standard car insurance, which does not include business use. If you have a vehicle dedicated for business use to carry stock and/or products, you should buy motor insurance or get a business extension on your car insurance policy when using your existing car for business travel.  

Home insurance – you are likely to already have a home insurance policy but this will generally not cover business activities carried out at home or business equipment within the home. Speak to your insurance provider and upgrade to a business policy. This is not usually costly but it will ensure you’re protected.  

 

Source: Home Business Guide, Department for Business, Energy and Industrial Strategy

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