Insure your business
Review which insurance policies you are covered by and which you may need to take out for your business. For example, a home insurance policy may need to be supplemented if you run your business from your home.
Business insurance
A business insurance policy is a type of insurance package made up of different kinds of cover and may vary between industries and insurers. A business insurance policy may include, for example:
- Property insurance
- Public liability insurance, which covers damages you may be liable to pay if someone or something is harmed by your products or services
- Legal expenses insurance, which covers legal costs
- Business interruption insurance, which compensates for loss of income in the event of a disruption to operations
Make sure that you meet the conditions set out in your business insurance policy. If you do not meet the minimum requirements, you risk having any compensation reduced or having a higher excess in the event of a claim. Examples of minimum requirements include approved locks, fire extinguishers, emergency exits and first aid equipment.
You can take out a business insurance policy directly with an insurer and sometimes also through trade associations if you are a member of a trade union or a business or employers’ organisation. It is always advisable to compare different offers to find the one that best suits your business.
Business run from home
Note that your home insurance policy does not cover business activities. Home insurance only applies to items used for private purposes. This means that insurers will not compensate, for example, tools, equipment, stock or finished products belonging to your business. If you use the same computer privately and for your business, the insurer may consider it to be part of your business and therefore not covered by your home insurance.