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Is your business protected by business insurance?

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Business Advice
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By Bart Hermann

September 30, 2022

It is essential to have business insurance to protect your business against financial risks such as theft and damage to your tools and equipment, claims of poor workmanship, or compensation if you have damaged a third party’s property or injured someone. Essentially, there are three types of business liability insurance. All three are meant to cover legal costs in the event your business is successful in making a claim against you.


Insurance policies that cover your company’s equipment and stock can provide protection against the loss, damage, or theft of your business equipment and stock. The policy also offers coverage for employee theft, fraud, and property damage, as well as some money that’s lost while you’re unable to work (business interruption). Business liability coverage tends to drive up the cost of business insurance:

  • Your business needs employer’s liability insurance in case any of your current or former employees are injured or sick while working for you. This protects you from any liability if they decide to sue you due to their injury.
  • You need public liability insurance to ensure your business is covered in case someone gets injured on your property or their belongings are damaged.
  • The purpose of professional indemnity insurance is to protect your business in the event that a client sues you for financial loss or business losses caused by your work.

-Your business insurance coverage will depend on what kind of work you do and how big your company is. You can choose between combined business insurance and a separate liability policy, along with any added protection you need.

You might also have to consider other business insurance types such as tradesman’s insurance, specialist tools insurance, goods in transit insurance, or personal accident insurance if you’re a trader.


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