Insurance that Businesses Need in 2022

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It is a new year full of new opportunities and ideas. 2022 is the year of potential, so how can you use it to take care of your business, old or new and help it thrive? The first thing to look at is your business insurance. Business insurance can protect you against losses incurred during the running of your business, for example, if a customer or employee makes a claim. This can be confusing but never fear. Here is a guide to what insurance your business will need in 2022. 


Land Liability Insurance

While it isn’t mandatory for business owners, it is worth considering as it can protect you financially should someone take legal action against you for property damage or injury. Land liability insurance cover is designed to assist in preserving a landowner in the event of a claim. Additionally, it can help you if a third party injures themselves due to tripping and falling. 


Business Buildings Insurance

If you do not own the land you work on, Whether you work from home or have separate business premises such as a shop, office, or pub, business buildings insurance should be a priority. If you rent the premises, make sure to check with your landlord to see what’s already covered.

Public Liability Insurance

This is similar to land liability. Public liability insurance is a crucial consideration if your business comes into contact with members of the public, whether that’s at your premises or elsewhere. It can protect you against compensation claims for injury or damage made by clients, customers, suppliers, or other third parties. Most shops, restaurants, hairdressers, builders, and tradespeople take out this insurance.


Product Liability Insurance

Product liability insurance protects you should a customer of yours suffer damage from a faulty product you provide. You may be held liable for damage even if you didn’t manufacture the product.


Business Interruption Insurance

If your business is disrupted by material damage caused by an event such as a flood or fire, business interruption insurance provides you with the financial cover you need to get back on your feet. For example, if a fire destroyed the contents of your business premises, business interruption insurance would cover your consequential loss of revenue, as long as your contents are also insured.


Key-man Insurance

If particular people keep the business going, you can insure them. Then, if those individuals can’t work for some reason, you can be compensated for that loss.


Business Content Insurance

Contents insurance for the things that make your business tick – for example, computers, mechanical equipment, tools, machines, and stock.


Employers Liability Insurance

You’re legally required to have this insurance if you have any employees at all, even just one – temps, part-time or full-time. It can help cover the cost of claims made against you if an employee is injured or gets ill while working for you.


There are other insurances your business may require. It depends on the nature of it, but here are the basics. First, let’s make sure 2022 is the best year for our companies. 

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