Nearly all businesses, regardless of size or industry, need some form of business Insurance. This can range from small home-based businesses and sole proprietorships to large corporations. Coverage is essential to protect assets, employees, and operations from unexpected events like property damage, lawsuits, or professional errors.

• Public Liability Insurance covers your business for claims of injury or property damage made by members of the public (e.g., a client tripping in your office).

• Professional Indemnity Insurance (also known as Errors & Omissions) covers claims arising from professional negligence, mistakes, or inadequate advice that results in a financial loss for your client (e.g., a consultant giving bad advice).

The cost is determined by several factors, including:

• Type of business and associated risks (e.g., construction is riskier than an office).

• Business size (revenue and number of employees).

• Location of the business premises.

• Value of assets to be insured (buildings, equipment, stock).

• Claims history of the business.

• Specific limits and deductibles chosen for the policy.