Do You Need Commercial Liability Insurance? 4 Questions to Help You Find Out
There’s no denying that running a business comes with its fair share of risks and responsibilities. Naturally then, it makes sense to take out commercial insurance cover to safeguard against the risks relevant to your business or industry. But how do you know which type of insurance you actually need? Commercial general liability insurance, for instance, can be hugely important for some sectors but significantly less so for others.
Well, we do like to be helpful here at Higos. Answering the popular question “Who needs commercial general liability insurance?”, we’ve put together four important questions to ask yourself. Keep reading to determine what cover you need for your business.
1. Does Your Business Employ Any Staff?
If you employ staff, even on a part-time basis, you’re legally required to have employer’s liability insurance in the UK. This is often included within a broader commercial liability insurance package. Employer’s liability insurance protects you against claims from employees who might get injured or become ill as a result of their work. Without it, not only are you at risk of substantial fines, but you also leave your business exposed to potential claims that could financially cripple your operations.
2. Does Your Business Work With or Within the Vicinity of the Public?
Even if it’s not a legal requirement, having public liability insurance is highly recommended if your business interacts with the public. This could be through direct contact or merely operating in areas where the public is present. Public liability insurance, a common component of commercial general liability insurance, protects you against claims of injury or damage caused to third parties. Many companies may be hesitant to sign contracts with businesses that do not have this type of cover, as it demonstrates a commitment to managing risks responsibly.
3. Do You Use Motor Vehicles for Your Business?
If your business operations involve the use of motor vehicles, you will need business motor insurance. However, it’s also wise to consider motor vehicle liability insurance. This type of insurance covers damages or injuries caused by your business vehicles to third parties. It’s a key part of a comprehensive business liability insurance package, ensuring that any accidents or incidents involving your vehicle are covered, thereby protecting your business from potentially large financial losses.
4. Does Your Business Design, Manufacture, or Supply Physical Products?
If your business involves designing, manufacturing, or supplying physical products, you should consider product liability insurance. This covers you against claims related to injuries or damages caused by the products you sell. Whether it’s a manufacturing defect, a design flaw, or inadequate instructions or warnings, product liability insurance is essential for protecting your business from the financial fallout of these claims. Including product liability insurance in your commercial liability insurance package ensures that you’re covered on all fronts.
Tailored Commercial Liability Insurance Packages
At Higos, we understand that every business is unique. It stands to reason then that their insurance requirements are unique too. With that in mind, we specialise in putting together commercial liability insurance packages that are tailored to your specific requirements. Whether you need coverage for employer’s liability, public liability, motor vehicle liability, or product liability, we’ve got you covered. Protect your business and gain peace of mind knowing that you’re well-prepared for any unforeseen events.
Would you like to learn more about commercial and business liability insurance from Higos? Get in touch with the team today by calling 01458 270323 or fill out our call back form and one of the team will be in touch directly. For commercial liability insurance, it has to be Higos.