What is business insurance?
Business insurance is something of an umbrella term. Insurance for business is typically made up of many distinct covers, drawn together to protect the business from its particular exposures.
The thing is, no two businesses are the same. The ‘perfect business insurance policy’ for one could be useless for another. At Real Insurance, we put our clients’ needs right at the top of the priority list. That is why thousands of business owners like you, trust Real Insurance when it comes to buying their business insurance.
What is covered by a business insurance policy?
There are many different types of business insurance policies, some very specific to a trade or an industry sector, all are based on the individual requirements, and it is important to ensure that the insurance policy you are purchasing for your business accurately reflects the business’s individual requirements.
Buying a shop insurance policy would be rather pointless if you repair cars for instance, similarly, a manufacturer’s insurance policy would be worthless to a construction company whose work takes place on a building site. Insurance policies for business come in all shapes and sizes, commercial package insurance policies bring together a wide list of protections, it’s only the variable parts that apply to each individual business.
For larger businesses or where specific cover is required a bespoke type of policy is more suitable, you only want to pay for the protection you’ll be using, after all.
Our job as business insurance brokers is to help you understand what covers you need to have, what cover is required by law for instance and what you may require as a result of contractual arrangements with clients or suppliers, also what else you should consider protecting the significant investments you’ll no doubt have made in your business.
What is covered by a small business insurance policy?
Business Package Insurance Policies are ideal for smaller business such as shops where they encompass a full range of insurance protections for Buildings, the fixtures, and fittings, sales counters, point of sale equipment as well as stock. If you suffer a loss at the premises such as fire, flooding, or storm damage insurance is there to ensure that you are trading again as soon as possible.
Business interruption is there to keep your business “in business” should the worst happen, keeping your business afloat whilst repairs or rebuilding is required.
Liability insurance comes as standard in a business package policy, it provides many covers your business needs, Public & Products Liability as well as Employers Liability which if you employ people is a legal requirement and depending on your business type, specific additional covers are available on a business insurance policy, Frozen Foods, Loss of Alcohol Licence and even working away from the premises such as catering or fitting.
Small Medium Enterprise – SME Insurance
For the larger business, insurance usually comes in the form of what’s referred to as a Commercial Combined Insurance policy. This type of policy enables your insurance to be totally scalable as well as very bespoke to your needs, it is ideal for businesses that require a wide range of insurance protection. A commercial combined insurance policy is ideal for small to medium enterprises or SME’s as they are known, it covers most of the insurance requirements within one policy.