Business Insurances

larko

Hi

I set up a retail business last March and thankfully it's going very well. Best decision I have ever made.

I'm a unsure about insurance. My landlord gave me a receipt last year for landlord/business insurance (the part from March to Dec). I paid it. It is due again and he has given me a receipt for this year. The premium is less than last year but I'm not sure what this insurance is for? Well I figure it's for the landlord to cover the shop he rents to me.

I have professional indemnity as it is a health related business and I also have public liability (for any accidents in shop and when I'm out on calls) which also covers contents and risks (Flood/fire/theft etc).

I'm just wondering is there anything that stands out here, does that all sound right? It's the only thing that I am unsure of in business so far.

Does anyone have an advice? He organised the insurance himself and I organised my other insurance.

Many thanks for reading.
Larko

buzz11

Its likely that the landlord insurance will cover the building itself and nothing else. It should be detailed in your lease what it covers and be sure to get a receipt and copy of policy or schedule so you know the money your paying is going on insurance.

All other insurance will be for you to arrange i.e your business, EL, PL, stock, liability etc etc. A good broker will know what you need to cover.

seanaway

I would make sure you are listed on his insurance.

ShauntaMetzel

That’s fine if the landlord is offering you property insurance, but you must consider other kinds of insurances that I am going to share below:

General Liability Insurance: As you do health-related business, then you shouldn’t ignore this kind of insurance. This policy provides you protection against any bodily injury or damage that is caused by any of your employees or any of your product or service against the third-party sue. In my opinion, it is essential for you.

Property Insurance: I don’t know which things are including in your landlord insurance, but you should consider property insurance because it will cover everything present in your office or workplace from furniture to office types of equipment like computers and other tools etc.

Workers Compensation: Yes, it is also vital if you care about your workers. In this insurance policy, your employees will get the required compensation and aid in the case of accident or injury while working. Here you can read more about workers compensation.

Key Person Insurance: I usually noticed small businesses depend on the performance of particular employees who are also considered the critical business generators. So, if you have the same kind of people, then must get key man insurance for them. For more details, you can also visit mykeymaninsurance.com. This insurance covers the damages in the case of key person’s disability or death. It is available for both employees and top-level management.

Professional Liability Insurance: As you are associated with health business than any error while working could create a great hassle for you and your employees, then it is better to consider professional liability insurance.

Vehicle Insurance: I noticed vehicles have a stable position in your business then you should miss ensuring all of your business vehicles.

Though above the central insurance policies that a small business should consider but you can also go for data breach, life insurance and personal umbrella insurance policies as well.