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Wondering How To Make Your Business Insurance Rock? Read This!

Business Insurance

Business Insurance may sound like a complicated term, but when it comes down to it, it’s actually pretty simple. Combining a whole host of key covers such as Employers’ Liability, Public Liability and Business Insurance, it can protect you from unexpected events that could end up costing you thousands. In our latest guide, we take you through the ins and outs of this policy – what it is exactly, what it can cover and the pros and cons of it, as well as the types of businesses that could benefit from it. And if you have any further questions, we’d be happy to help in any way we can. Simply get in touch with us and we can offer even greater insight.


What is business insurance?

Business Insurance is cover in one single policy that comprises a range of key covers. Falling under policies such as Hair & Beauty Insurance, Shop Insurance, Tradesman Insurance and Restaurant Insurance, can be cover including: Public Liability, Employers’ Liability, Personal Accident Insurance and Business Interruption Insurance, as well as Stock Insurance, Seasonal Increases and Warehouse Insurance – for example. Designed for a whole host of businesses such as hotels, beauty salons, offices and retail establishments, these insurance policies can provide protection from unexpected events, and be tailored to your unique range of business requirements.

Offering the convenience of having a single policy to manage various insurance requirements, you can also benefit from one monthly cost, minus any extra liability expenses. With flexibility to remove or add on cover – such as Professional Indemnity and Contract Works – your policy can change as your business expands or diversifies.

By including a range of insurance policies under one policy, it also makes the claims process, as well as the renewal process, much easier. A Business Insurance policy means you  have one policy to deal with, and one renewal date to remember. You don’t want to have to spend long hours administrating various insurance covers and policies for different aspects of your business, and with this cover, you don’t have to.


Which businesses is this insurance policy for?

At The Insurance Octopus, we can offer various business types a suitable insurance policy, and this includes everything from beauty salons, barbers and restaurants through to hotel chains, coffee shops and contractors, as well as cafes, newsagents and offices. Along with pizzerias, florists and spa hotels, there are many businesses that could benefit from this type of insurance policy.

Other Examples Of Businesses That Could Benefit:

  • Hairdressers.
  • Tanning Salons.
  • Takeaway Restaurants.
  • Fast Food Outlets.
  • Boutique Hotels.
  • Business Hotels.
  • Budget Hotels.
  • Bridal Shops.
  • Fish & Chip Shops.
  • Manufacturers.
  • Wholesalers.
  • Bricklayers.
  • Builders.
  • Painters.
  • Decorators.
  • Plumbers.

Looking for a Business Insurance policy, but are unsure whether your company is suitable? Why not give The Insurance Octopus a call today on 0161 968 2060 to help determine this, and for your own Business Insurance quotes too.

What does business insurance cover?

From Shop Insurance, Restaurant Insurance and Tradesman Insurance through to Hair & Beauty Insurance, Hospitality Insurance and Office Insurance, there are various types of Business Insurance around. The common policies that they all can share include:


  1. Product Liability: Covers businesses against any harm caused by the products you sell. whether that’s food, drink, toys, shampoos or anything else that you distribute or manufacture. It’s important to note that you could also be held liable for any harm caused by products. That have your company’s name logo, or business details printed on it. Compensation could pay for hospital fees and medical costs, providing damages where appropriate.
  2. Public Liability Insurance: Public Liability Insurance as part of your Business Insurance policy covers you against public claims of bodily injury, accidental damage to personal belongings, costs of medical treatment and where insured, cases related to trespassing and interference.
  3. Employers’ Liability Insurance: It is a legal requirement in the UK to have employers’ liability insurance if you have any staff. This cover protects them from loss or injury while carrying out any work for you. If you have any full or part time staff, volunteers, interns, contracted or freelance workers, it’s your responsibility to have the correct cover in place. Employers’ Liability will pay damages and associated legal costs in respect of death, disease or illness caused to employees, so that they are taken care of, as are their families. Our Employers’ Liability comes with £10m as standard, ensuring your staff, and your business are covered.
  4. Business Interruption Insurance: With an estimated 43% of Business Interruption policies thought to be underinsured by more than 50% (according to a Chartered Institute of Loss Adjusters report), making sure you have the right protection in place is important. This cover insures your business should it need to close – for example, due to a fire or flood. At The Insurance Octopus, we can cover you for: Loss of gross profit or gross revenue and/or increase cost of working following damage to your business premises; Loss of book debts following damage to accounting records at your business premises. Subject to certain limits, extensions can include: contract sites; denial of access; bomb scares; unspecified customers; unspecified suppliers.
  5. Personal Accident Cover: With Personal Accident Insurance as part of your Business Insurance quote, you’ll typically be compensated for the following: death; loss of limb or loss of eye; permanent total loss of speech;  loss of hearing in both ears; permanent total disablement from gainful employment of any and every kind; temporary total disablement. Extensions to Personal Accident Insurance can include: medical expenses; coma benefit; commuting expenses; hospitalization; counselling.
  6. Legal Expenses Insurance: This cover, also known as business legal protection insurance, covers your commercial legal expenses and provides protection against the potential costs of legal action brought by or against your business. This policy type can cover: disputes with your past, present or prospective employees, and the cost of legal claims relating to property damage, nuisance or trespass. It could also include a tax advice helpline, a 24/7 confidential legal helpline, and crisis PR support to help you deal with negative publicity and avoid damage to your brand’s reputation. Beyond this, Legal Expenses Insurance covers court dates, trials and representation.
  7. Loss of Money: Almost all businesses handle money in some form. Those are cash, cheques, credit card slips and bankers’ drafts, making this insurance essential for businesses large and small. Whether you lose £500 or £5000, loss of money  hinder your performance, and negatively impact how well you do business. Therefore, Loss Of Money cover ensures that you’re insured against these losses to maintain your financial stability, minimizing the disruption caused.


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