What insurance should you have for your business?

The Holistic Accountant

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In this episode, Stuart and Mena delve into the crucial topic of business insurance, outlining the various types of coverage business owners should consider to safeguard their operations. They discuss Public Liability Insurance, which covers third-party injuries and property damage caused by your business activities, and Product Liability Insurance, which protects against claims related to the products your business sells. Professional indemnity insurance is also highlighted, especially noting the type of PTA used, which covers damages from negligence or errors in services or advice provided.
They further explore Commercial Property Insurance for protecting premises and contents, Business Interruption Insurance for lost income during temporary closures, and Commercial Vehicle Insurance for business vehicles. Other essential coverages discussed include Workers' Compensation, mandatory for employee injuries or illnesses, and Cybersecurity Insurance to protect against cybercrime. Management Liability Insurance for directors and officers, Trade Credit Insurance against customer non-payment, and Equipment Breakdown Insurance for essential equipment repair or replacement are also covered.
Stuart and Mena emphasise the importance of consulting a knowledgeable broker experienced in your industry to ensure comprehensive protection tailored to your business needs.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.