Business Insurance
At Dover Street Insurance Brokers, we can help you to explore and understand the risks that your business faces and build a business insurance programme that will help protect you. Our role is to give you total peace of mind that, in the event that the worst should happen, your premises, staff and tools of your trade are covered so you can continue trading with the minimum amount of disruption.
As a business owner in London, it’s important that you have the correct business insurance cover in place. Read on to find out how Dover Street Insurance Brokers could help you to protect your business today.
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Do I need business insurance?
In short, every business will need an element of business insurance. Business insurance policies will help protect your business in the event that something goes wrong and you need support to recover and continue operating.
Different businesses face different risks so business owners will need to consider taking out business insurance for a range of reasons. These risks could be within or outside of your control. Some insurance covers will be a mandatory requirement, some may be commercially necessary and some may optional.
The important thing is that your business, your people and your customers are effectively protected.
What business insurance covers
Business insurance can help protect your business. There are many types of business insurance and they could help you to recover in the event of incidents relating to areas such as your operations, employees, the work that you do, your products or services, your premises or the equipment that you use.
Depending on the types of business insurance policy that you have, business insurance could protect against the financial risk of theft or damage to your tools and equipment, claims against the work or advice that you deliver, as well as damage a third-party’s property.
At Dover Street Insurance Brokers, our job is to work with you and your team to understand the precise risks that you are exposed to and then recommend an insurance portfolio which includes the covers needed by your business.
Types of business insurance policies
There are several types of business insurance policies that you may need to consider for your business. These include:
- Public liability insurance: Provides protection if your business activities kill or injure a member of the public or damages their property.
- Professional indemnity insurance: Provides cover against bad client advice or if your work causes a problem for your client.
- Employers’ liability insurance: This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
- Business interruption insurance: Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
- Commercial buildings and contents insurance: Provides cover for your business premises in the event of flooding, a fire or theft.
- Credit risk insurance: Provides cover in the event that your clients don’t pay their invoices.
- Key man insurance: Provides cover if an essential member of your team (for example your CEO) is unable to work for you due to reasons such as sickness, disability or death.
- Landlord insurance: If you are a landlord, this type of business insurance cover will provide protection if your rental property is damaged or there is a fire.
- Product liability insurance: Provides cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
- Business assets insurance: Provides cover for the things that your business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
- Cyber insurance: Provides cover against data breaches or cyber hacks that affect your computer systems and networks.
- Stock insurance: Provides cover in the event that your stock is damaged or stolen.
These are just examples of some of the types of business insurance policies that we look after at Dover Street Insurance Brokers. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
The cost of business insurance
At Dover Street Insurance Brokers we understand that cost is important to your business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
The premium that you pay for your business insurance policies will depend on the specific needs of your business.
When considering the amount of cover that you need for your business premises, equipment or stock, it’s important to think about the total cost to reinstate or replace these on an equal basis in the event of any potential loss. Remember, if the worst were to happen and you have under-insured, you could be left out of pocket and the impact of that could be critical.
What else do I need to know about business insurance?
As well as being important for the owners of SMEs or larger businesses, business insurance is also important if you are a self-employed sole trader. If you don’t have any employees then employers’ liability insurance will not be a requirement, however, if you work as a consultant and offer advice or a professional service you should consider taking out professional indemnity insurance. You’ll also need to consider public liability insurance if there is the possibility that someone could be injured or have their property damaged as a result of your work.
In terms of the types of business insurance cover policy that you need, you may be able to take out combined cover, or you may have to purchase separate policies, depending on the needs of your business. To find out more, speak to Dover Street Insurance Brokers and we can help to meet your specific requirements.
How can I get business insurance?
Dover Street Insurance Brokers have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact one of our team by calling 0208 057 4130.