Top insurance products every business should have
Updated: Feb 6
Every business is different but nearly every business has a set of standard insurance that they should have.
Every business is different but nearly every business has a set of standard insurance that they should have. We want to not just help our clients but every business in the South of England and ask our clients to forward this vital minimal insurance requirement document so that your business partners are protected.
“Help protect your business, staff and customers with the right insurance products.”
Employers liability insurance
Employers’ liability insurance is a legal requirement for most UK employers, under the Employers Liability Act 1969. It’s designed to protect you and your employees (including those who no longer work for you) if they’re injured or become unwell as a result of working for you, covering the associated legal and compensation costs, and other damages.
Public liability insurance
Public liability insurance (PL) is one of the most popular policies for businesses, as it covers you for claims made against you by members of the public. We all know that accidents happen. But if you or one of your team accidentally causes injury or property damage to a member of the public, your business could face hefty legal fees and compensation costs running into the millions. This is where PL is so important, picking up the bill and keeping your business up and running.
Management Liability including Directors’ and officers’ liability insurance (D&O)
Any business founder or director should also seriously consider investing in directors’ and officers’ cover (D&O) – also known as management liability insurance. Whilst protecting the business as a whole, D&O also protects the individuals who have management responsibility in the business. It covers them for any claims against them personally, including breaching health and safety laws, misadministration of the company pension, or errors in financial reporting.
Cyber liability insurance
Cyber-crime has fast emerged as one of the biggest risks facing businesses of all sizes, particularly as the data mountain continues to grow. Cyber liability cover is designed to help mitigate that risk, by covering businesses for data breaches and cyber-attacks and all the damage they can inflict. In the event that you’re hit, cyber insurance will cover any legal claims, compensation costs, and fines under the GDPR (where legally insurable). In some cases, it can provide a fast response plan including legal, IT, PR and customer service support.
We specialise in saving businesses in the South of England time by providing price competitive quotes with tailor made insurance protection for their complex insurance needs. At Noyce, we understand that no two businesses are the same and when it comes to insuring against risk we will work in partnership with you to create the cover that works for you.