Business Insurance
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What is business Insurance
Business insurance, also known as commercial insurance, is designed to protect you from the risks associated with running a business. Whether you run a busy consultancy firm, local architect office or hair and beauty salon. Buying the right policy allows you to focus on what you do best, while we look after your everyday risks.
Typically, a business insurance policy is made up of a combination of the following covers: public liability, professional indemnity, employers’ liability and contents. The protection doesn’t stop there, though. You can add an extra layer of cover for specific risks, such as terrorism and legal expenses cover
Types of business insurance cover:
Public liability
Public liability insurance protects you and your business if someone claims their property has been damaged, they were injured or fell ill because of you or one of your employees. Whatever you do for a living, accidents can happen, and they're not always directly related to the job. If a customer, courier or passer-by makes a claim, a public liability insurance policy covers any legal and compensation costs. The most comment accident is a slip, trip or fall, and the majority of them happen out and about. Public liability insurance is designed to protect your business against third party claims for injuries or property damage - from a customer or client to a passer-by or visitor to your premises, whether you’re at fault or not.
Professional indemnity
Professional indemnity insurance is there to offer protection and support if you or an employee are alleged to have been negligent, or if a client believes you got something wrong that led to financial or reputational damage. Professional indemnity insurance is designed to protect you if a client makes a financial loss because of your work. We’ll be there to help with compensation costs and legal fees so you can get on with running your business. Depending on your business type, trade associations and customers will often require a minimum level of professional indemnity insurance.
Product liability
Product liability insurance provides an extra layer of protection as part of your public liability cover. If someone complains about a product you’re involved in, whether your company designed, manufactured or sold the product, you’re protected against any costs. Product liability cover might be especially important in the retail and technology sectors and Rosegate can build it into your public liability cover. Product liability cover protects you in the event that one of your customers suffers damage as a result of a faulty product you provide. You may be held liable for damages even if you didn’t manufacture the product, so it’s important that you’re property protected.
Employers’ liability
Employers’ liability insurance may be a requirement under UK law for most business groups. It makes sure you’re protected if an employee is injured on your premises or becomes ill and they claim it’s because of something that happened at work. As well as full-time employees, you might also need cover for part-time staff, volunteers and casual helpers. An employers’ liability insurance policy minimizes disruption by helping with the costs of defending or settling a legal claim. Employment practices liability is slightly different and protects the managers of a business against employee claims. Employer’s liability insurance can pay out for claims made because an employee has suffered illness, injury or death because of your business.
Cyber and data insurance
Cyber and data insurance could be especially important for anyone who uses data – including computer programmers and marketing professionals. Any business can face a cyber-attack and it can take time and money to put things right – that’s what our cover is there for. Cyber Insurance is designed to cover risks that come with storing and handling data when running a business. Cyber cover also protects against claims arising from data breaches if you or an employee accidentally shares sensitive information.
Personal accident insurance
People power is everything for the UK’s small businesses and particularly for micro-businesses including start-ups. That’s why personal accident insurance could be so important – if you or an employee is unable to work due to an accidental injury, your business can stay healthy with up to £250 per week. If a serious accident affects your livelihood, this type of cover also pays out a lump sum. It helps you safeguard against the ultimate ‘what ifs’.
Business Contents Insurance
Similar to you home contents cover, but for your business. Business contents covers you even if you're based at home. Business contents insurance is designed to cover repair and replacement costs for office furniture including desks and chairs, as well as business equipment such as telephones.
Directors & Officers Insurance
Also known as management liability insurance, D&O Insurance covers your directors or management team against claims from employees, the public or investors. If your directors or management team have legal or regulatory responsibilities to employees, the public, regulators, investors or other directors, then D&O liability insurance should be considered.
Business Interruption Insurance
Unexpected events can interrupt your regular business activity, business interruption cover can protect you against incidents that affect your revenue stream, your stock and your supply chain. When you a run a business, you never know what’s around the corner. If your business is disrupted by an unexpected, insured event, such as a fire or storm, your income could be affected and it could be difficult to pay employees or suppliers. Business interruption insurance is designed to cover lost income during a tricky period, helping your business to keep trading and get back on track.
What information is needed to buy business insurance?
1: Your business type
Are you a sole trader, a limited company or a partnership?
2: The main business activity
This is the industry you work in or the main responsibility in your role.
3: Your estimated turnover/revenue
Your turnover is the total amount of money your business receives from sales, without deducting things like VAT or discounts.
4: If you conduct business in the globally and in the USA or Canada
If more than 25% of your business is in the US, and you need cyber, professional indemnity or directors' and officers' insurance, your premium may be higher.
5: Your employee count
How many employees do you have? This helps us determine whether you need employers liability cover or not.
6. Your business insurance history. Whether you have business insurance already
This means whether you have business insurance already or not. If you already have business insurance, we can email you when your policy expires to set up a new policy with us.
7: Personal information
This includes your name, email address and phone number.