As a business insurance broker, we get calls from people that either have a policy in force, and are looking for an alternative, or others who are just starting out and looking for a bit of advice.
The good thing is, if you’ve got the time, our advice is free. As part of a business planning process, most people nowadays will use some form of software package (most of the banks provide these). One of the questions asked, is how much you will expect to pay for business or commercial liability insurance.
This is a good question, and the answer has to start with what it actually includes. A standard commercial combined insurance policy has the option of including three types of liability, these are more commonly called commercial or combined liability. Later blogs will cover each of these individually but the three types are:-
Employers liability (legally required if you employ anyone)
Public liability (not a legal requirement but a prudent cover to have in place)
Products liability (again, not required under statute but with the potential for most businesses of a significant claim, it is a sensible coverage to arrange)