Insurance Service

There are many different types of business insurance you can buy to improve your business resilience. If you have any employees or volunteers, employers’ liability insurance is a legal requirement. In most cases, it covers your legal responsibility for your employees, and in the event of a claim, employers’ liability will cover the cost of legal expenses (depending on your policy) and the claim amount.  

Before setting up or reviewing your business insurance, it’s important that you know the key information about your business, especially if you’ve made changes to your operations recently.   

We’ll take you through all of this and the definitions of various insurance ‘jargon’ to make sure you understand and are confident in your business’ requirements and covers.  

The best insurance for your small business depends on your unique needs and industry. However, these common factors can help guide your decision:

• The size and type of your business
• The risks associated with your business
• Your budget

FSB Insurance are experts in tailored insurance solutions for small businesses. Whether you're an architect or a zookeeper, we can help you find the right coverage.

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Public liability insurance 

One of the most common types of business insurance, public liability covers your responsibility to third parties. Similar to employers’ liability, it protects you from suffering financially if a claim is made against you or your business in respect of loss or damage to third party property or people as result of your negligent acts. Additionally, if you believe a claim is fraudulent your insurer will help to make sure it’s investigated. 

Product liability insurance 

This covers liability for loss, damage or injury caused by a product you have manufactured, installed, supplied or maintained. If you handle products and or repairs it is important to make sure that you are covered in case a product handled by you causes loss, damage or injury. 

Professional indemnity insurance 

If a mistake you make in your work whilst advising a client causes a financial loss to a client, professional indemnity will help you cover any costs or claims made against you. Professional indemnity won’t cover you doing a bad job or for ‘faulty workmanship’. If you install a boiler that isn’t fitted properly and it causes a gas leak, this will not be covered by professional indemnity insurance. 

Underinsurance occurs when the sum insured is less than the actual value at risk. This means that if you need to make a claim, you may not receive enough money to fully cover the cost of replacing or repairing your property or belongings. As a result, you could be left with a shortfall, which can be a significant financial burden.

Underinsurance is a common problem, and it can be caused by a number of factors, including inflation, renovations, and the purchase of new items. It is important to review your insurance policy regularly to ensure that it is adequate to cover the cost of replacing your property and belongings.

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If you’re looking to secure the best possible deal on your small business insurance, consulting with an insurance broker is a smart first step. They can help you navigate the complex world of insurance and find the most suitable policy for your unique needs. 

Here are some additional tips to help you save money: 

• Provide Accurate Information: Ensure your insurer has a clear understanding of your business operations. Accurate information leads to precise risk assessments and potentially lower premiums. 
• Demonstrate Business Excellence: Highlight your commitment to safety and risk management. This can positively impact your insurance rates. 
• Invest in Prevention: Implement security measures and safety protocols to reduce potential claims and lower your insurance costs. 
• Consider Higher Excesses: By opting for a higher deductible, you can often lower your premium. 
• Optimise Your Coverage: Work closely with your broker to tailor your policy to your specific needs. Avoid over- or under-insuring your business. 

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