Business Insurance
Why is business insurance so important?
Whatever your business, insurance is vital to protect against worse case scenarios and when things don’t go quite to plan whilst you are carrying out your business. Self-employed individuals, SMEs and large MNCs alike need to have business insurance in place to provide financial protection.
Types of business insurance
Business insurance can protect you against a number of different things and typically includes public liability, employers’ liability, and professional indemnity insurance. There is also business insurance available if your premises are damaged or against claims made against the business.
The type of business insurance you need depends on your unique needs for your specific business and circumstances. You need to weigh up your affordability of the premium against the level of protection required for your business. Smaller businesses and self-employed business owners are more likely to suffer devastating financial loss if they fail to insure themselves properly, without shareholder funds and large reserves to fall back on.
Business insurance legal requirements
As well as for the peace of mind of protecting your livelihood, some types of business insurance are legally required, e.g. if you employ at least one non-family member, employers’ liability insurance is legally required for businesses. Accountants or solicitors and similar professions may also be legally required to have professional indemnity insurance.
The level of legally required business insurance will depend greatly on the nature of your business, the type of industry you operate in, the number of staff you employ and your turnover. If you are unsure about what business insurance you legally need to have, check with your regulator or professional body, or ask an experienced business insurance adviser from FT Rich Mummy.
Business insurance covers unexpected events and the potentially detrimental effects they can have on businesses. A self-employed business owner or a partner in a large corporation will appreciate the importance of having the right type of business insurance and the right level to protect their finances.
Experienced business insurance advisers
FT Rich Mummy can help you assess the right type of business insurance cover you need and help you figure out what you can afford. Braced with this information, as well as more information about what your business does, number of employees, turnover, scope of business etc, they can source the best business insurance deals for you.
FT Rich Mummy work with a range of clients from self-employed individuals to SME directors to global brands, to find them the right business insurance for them. We have a team of business insurance experts that know where the best deals can be found and work closely with business insurance providers. This leads to special deals that might not be available to individuals, so it can pay to use FT Rich Mummy to find your deal.
Booking a consultation is easy… simply let FT Rich Mummy make it happen for you.