Is your business protected from legal claims and other liabilities? If not, it may be wise to look into securing a business insurance policy. Our advisers help businesses based in Solihull, Sutton Coldfield and across the West Midlands plan their business insurance needs. We can offer you impartial, clear advice to ensure that your business insurance policy fits your company’s specific needs.
All businesses are exposed to risks in their day-to-day operations. Without business insurance cover to provide protection against some of these risks, businesses would find it difficult to operate efficiently and profitably.
Adequate business insurance is therefore not a luxury - it is an absolute necessity.
These days, many people are not afraid to seek compensation. No win - no fee advertisements encourage claims, and businesses need to protect themselves against liability claims that could run into millions of pounds. In addition, you could be held personally responsible and even face criminal charges if found negligent.
Most small businesses are also failing to insure themselves against potential legal action from employees.
Businesses sometimes insure tangible assets like car fleets, machinery and buildings, in the same way as homeowners insure their houses and contents such as televisions, videos, etc. Businesses can also insure against losses arising from certain events.
With all the other expenses involved in setting up and operating a business, it might be tempting to have the minimum insurance required by law - insurance against risks to third parties.
However, it makes sense to get adequate insurance to avoid the risk of losing it all.
There are numerous types of business insurance for small businesses to consider, some of which are compulsory and others that are advisable.
Find out what business insurance you are legally required to have as an owner and employer, and explore the various types of insurance such as employer's liability insurance and professional indemnity insurance.
Most of the UK commercial insurance companies have different types of products, depending on your trade. These fall into three main categories:
Many insurers have developed package policies which are suited to a particular type of industry. They cover most of the main business groups, such as shops, restaurants, offices, hotels, pubs and surgeries. They have certain basic covers included, such as employer’s, public and products liability. You then add cover for contents, stock, computers, buildings, legal expenses and other covers to the package. These polices tend to be very competitive.
The most important thing to do is contact a professional adviser to discuss your needs.
If you would like to discuss business insurance in more detail, please give us a call on 01217884588. Alternatively, you can fill in our short enquiry form and one of our Solihull based advisers will get in touch straight away. Our advisers will be pleased to discuss your business goals and objectives in order to produce a plan tailored to meet your company’s needs.
CONTACT US
Hamptons Wealth Management Limited
Beech House
Pinewood Business Park
Coleshill Road, Marston Green
Solihull
B37 7HG
T: +44 (0)121 788 4588
F: +44 (0)121 788 3555
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Hamptons Wealth Management Ltd is An Appointed Representative of Sanlam Partnerships Ltd which is Authorised & Regulated by the Financial Conduct Authority.
Sanlam Partnerships Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 563682.
Hamptons Wealth Management Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 758966.
Hamptons Wealth Management Ltd adheres to and subscribes to the Financial Ombudsman Service. For full details of their service CLICK HERE or contact us for further information.
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