Being in business for yourself is the dream of many offering the opportunity to innovate, be your own boss, work the hours that you want and build something to be proud of. The downside is all that responsibility on your shoulders with the need to market the business, do the work and deal with any problems all ending up at your door. It’s imperative to have adequate insurance cover in case the worst happens. Thankfully it’s possible to obtain cover for disasters, both small and large, enabling you to have the peace of mind and sleep well at night.
Some types of insurance are essential whatever your business. For example, Employers Liability Insurance is a legal requirement in UK for all businesses that are not single man operations or employ only close family members. This cover will protect you against claims made by employees due to accidents at work. Public liability insurance is not a legal requirement but it’s recommended if you interact with the public at all. This includes any work done outside of your premises and protects you in the event of you causing damage to property or people. It will also indemnify you against claims made by members of the public who have an accident whilst on your premises.
Some businesses will have specific requirements to cover them adequately. For example, farming is a tremendously rewarding vocation but can be a tricky business at the best of times. With costs on the rise and profits hit hard farmers need to have great farm insurance to protect against the unexpected.
A farm is an intricate machine with many interlocking processes; machinery, livestock, crops, people and most importantly weather. A break in the chain, something as simple as a broken tractor can have reverberations throughout all of the work that needs to be done. It may be something as big as a threshing machine, or as small as a laptop but it’s essential to be able to recover quickly from such situations and get back to work as soon as possible. Both Material Damage Insurance and Mechanical and Electrical Breakdown Insurance may come into play depending on the situation, enabling you to seek replacements or repairs and get on with the task in hand. Crops and livestock can be protected as well. In the UK, Insurance against hail damaged crops is vital, as is insurance for livestock against diseases such as bovine tuberculosis, foot and mouth and brucellosis. Commercial property insurance should also be considered to cover farm buildings.
Additional cover may be required when pursuing activities beyond traditional farming. For example, farms that are open to the public will require extended liability cover or those intending to host hunting, fishing and shooting events will require specialized insurance for this type of activity.
Likewise, pub landlords have a very specific set of needs that are best met with specialised pub insurance. With such diversity in opening hours, styles of properties, locations and business sizes it pays to get advice from a specialized broker.