Depending on the type of business you run, it may be wise to take out specialist insurance for your business assets. There are many types of commercial insurance you may wish to consider:
- Loss of cash insurance - provides cover to an agreed limit for the loss of money, whether in transit or from business premises.
- Goods in transit insurance - covers goods against damage while being moved. See insuring goods in transit.
- Travel insurance - essential if you or your employees travel abroad. Ensure that you are covered for working abroad as well as travelling, if necessary. See insure your business - people, life and health.
- Commercial legal insurance - covers legal expenses that may arise out of a change in legislation or penalties resulting from non-compliance.
- Credit insurance - insures you against debtors who are unable to pay you as a result of bankruptcy. See factoring and invoice discounting.
- Engineering insurance - provides specialist cover for machinery, including computers. By law, some types of machinery must be inspected regularly. An insurer will be able to tell you if this applies to your business and will often arrange inspection visits. To insure off-site machinery, you will need to purchase all risks cover.
- Glass insurance - covers the replacement of glass following malicious or accidental damage.
- Professional indemnity insurance - covers you against compensation claims if you have been negligent, resulting in damage or loss to a client.
- Data processing insurance - provides cover for electronic media and electronic data processing equipment.
- A fidelity guarantee - insures against any loss of money or stock as a result of staff dishonesty, such as theft.
- Tradesman's tools can often be added to a liability package. See liability insurance.
Find insurance for your business. If you choose to deal directly with an insurer, it's worthwhile checking that they are a member of the Association of British Insurers (ABI).