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Essential Business Insurance

Essential Business Insurance

When you start a business, you immediately expose yourself to certain risks. With the myriad of different insurance products available for businesses, it can be difficult to see the wood for the trees, to separate out those insurance products which are essential and those which are not…


The first thing for all businesses to consider is liability insurance. If you employ any staff it is essential you have Employers Liability insurance (this is a legal requirement). Depending on what you do, you likely also need Public Liability insurance and possibly Product Liability and Professional Liability insurance as well. Liability cover protects you in the event of a claim for loss or damage being brought against you or your business. This may be from a customer, member of staff or a third party. You will be protected up to the limit of indemnity, as detailed within your policy documents. To discuss your liability insurance requirements – contact us now.

Property Insurance

If you have any kind of business premises, like a shop, office or pub, you will need some kind of property insurance. The exact type of cover which is relevant will depend on whether you own or lease your business premises. If you own it, the full liability for both the building and the contents will be down to you. If you are leasing a premises, the cover you need will depend on your specific contract and whether the property owner provides cover for the building or not. There are different types of cover for those running a shop premises (shop front insurance) and even home based businesses. For more information on premises insurance for businesses and how this can be incorporated into a bespoke package – get in touch with us.

Plant and Machinery Insurance

As well as protecting your premises, you may have equipment or tools of the trade which you use in connection with your business and these also require insurance. Whether these are hired or owned, Plant and Machinery Insurance can also cover larger equipment like cherry pickers, trailers, mini diggers, forklifts and excavators. If you rely on plant and machinery for your livelihood – specialist insurance can ensure that the impact on your business is lessened in the event that machinery is lost or damaged.

Cyber Insurance

We have mentioned cyber insurance in our blog many times – the reason for that is that it is fast becoming one of the most essential types of cover for businesses operating in the digital age. Most businesses now handle client data and the risks of that data being exposed to the wrong people is always on the rise. Similarly, the risk of a business falling victim to a phishing or denial of service attack is higher than ever. Cyber insurance offers protection against the most common types of cyber attack and can help to lessen the impact of an attack, as well as financially compensate anyone who has suffered a loss as a result. For more information on cyber cover have a look at our blog posts ‘Cyber Insurance – What you need to know’ and ‘Cyber Insurance pay-out rate at 99%’

Vehicle Insurance

If you get out and about for work – vehicle cover will be a vital part of your insurance needs, in addition to being a legal requirement. Whether you run a fleet of specialist vehicles or a single vehicle, keeping you on the road in the event of the loss of a vehicle could be a crucial element in minimising the impact on your business. Our blog post – Case Study – Aviva Claim looks at the claims process of a client who suffered the loss of a vehicle following a theft and the process of settling the claim from the notification to receiving a cheque.

The products we have talked about in this blog post are just a small snapshot of the products available to our customers, however, here at GM Insurance, we understand that when it comes to business insurance there is no ‘one size fits all’ solution to insuring your business. That is why we treat all our business customers as individual cases and work hard to find the insurance solutions which your business needs, not those which an insurance company wants to sell you.

For a comprehensive look at the insurance requirements of your business, and a bespoke illustration tailored to fit your needs, get in touch with one of our experienced team.

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