When you first think of creating your own company the last thing on your mind is to try and think or rather decide what type of insurance you will need and to be perfectly honest there is no shame in not knowing what type of insurance you will need to make sure that you are one hundred percent covered for any type of incident that would require you to pay any form of money.
What Types of Insurance are there?
One of the most common insurances that many people know about is life insurance and or motor insurance, and in this article, we won’t be speaking about life insurance as it is directed at a person or family, so it is a personal expense and can’t really be used in the workplace environment.7
Motor Insurance, on the other hand, is extremely important to have for any person (some countries it is required by law to have a form of motor insurance) and to have for your business if you are going to be doing any kind of call outs or deliveries.
Motor insurance covers you and your company for both legal fees and vehicle repairs if any of your vehicles are ever involved in an accident with another vehicle or even hospital bills up to a certain point depending on your insurance company.
If you make use of the correct motor insurance you will be able to get the cover on damages to property as well, which resulted in an accident whether it is your fault or not.
We don’t recommend making use of just fire and theft packages as by only making use of these your company and its vehicles will only be covered for fire and theft, meaning that if there is an accident then your vehicle will not be covered for damages or legal issues.
Next on the list is a form of insurance that allows your place of business to be protected from any damages, whether from natural or unnatural damages.
It is important to make sure that your businesses and the equipment which you might be using are protected from damages and from theft. To do this it is a good idea to make use of a business insurance.
Public Liability insurance
If you are leaving the office to do any form of site inspections or building, it is vital that you think about making use of any form of public liability insurance.
Public liability insurance protects you as a person and a business from any claims of damage or public injury which may occur while you are onsite.
The last thing that you need is a lawsuit.
The above are three of the most popular forms of insurance, which many companies will make use of and if you are thinking of starting your own business it is important to be covered legally for any possibility which may occur so that your business doesn’t fail from the get-go.