‘The Great Resignation’ – the current economic trend where several aspiring business owners and freelancers are leaving their full-time jobs in pursuit of their own independent ventures. Why are so many people leaving the workforce to start their own businesses? Besides lessons observed from the pandemic, it’s also new, exciting, thrilling, and of course, it’s also very trendy! However, starting your own business is not all glitz and glam – the plethora of painful risks are often overlooked. And more often than not, they could’ve been mitigated and completely avoided if adequate business insurance was put in place.
Read on to find out the different insurance policies your business needs to ensure legal compliance and protection, put together by our team of industry-renowned insurance brokers.
Public Liability Insurance
Public Liability Insurance covers claims made against your business by customers, contractors, the public and so on. For example, if a customer fell and broke their arm on your premises, traditionally, you’d have to foot quite the hefty bill. With public liability insurance, however, it’ll consume the costs.
So, if a claim is made against your business for personal injury or property damage, you won’t need to worry – your public liability insurance will do all the work.
Cyber Security Insurance
With the soaring prevalence of cyber attacks, data breaches and innovative hackers, Cyber Security Insurance is an absolute no-brainer for your business.
The internet and various digital software will play a huge part in your business’ operations. A compromise could cost you millions in GDPR claims, payouts or theft. Cyber security insurance will protect you from any fines or fees associated with potential cyber breaches. This includes anything from ransomware to crafty cyber attacks, this insurance will ensure comprehensive protection.
Office Insurance will guarantee your business’ equipment, possessions, and employees are protected.
We all know that unfortunate and unforeseen events can occur at any moment in the office, and without adequate office insurance, you could be liable for the full cost of damages/injuries. Luckily for you, office insurance will cover your costs!
Management Liability Insurance
Your business’ most valuable assets? Your employees. Employees and key stakeholders play an integral role in your business – your business’ success is determined by them, so you’ll certainly want to ensure that they’re covered!
Management Liability Insurance will protect your key managers and business directors from claims made against them. Potential claims that could be made against them include: breach of duty, breach of trust, error, neglect, wrongful trading and misleading statements – D&O insurance will cover your key stakeholders from such claims.
Business Insurance is more than just protecting your business from financial loss. It protects your assets, overall operations, reputation, and employees. For certain businesses, it’s also a non-negotiable legal requirement.
We get it – it sounds a bit daunting and you’re wondering if it’s actually worth it. We’d say, don’t take the chance. Speak to a team of expert insurance brokers for some free advice. Luckily for you, here at CoverMy, we take the time, effort and possess the expertise required to ensure your business thrives. Why? Because we’re interested in doing more than just protecting businesses – we protect generational futures.