Understanding Commercial Insurance and Where to Find it in Leeds
Owning or managing a business these days is not for the faint of heart. After all, you need to not only be an expert at what you do—but also handle some things you may not have any expertise in whatsoever. These things often include managing the books, handling HR issues, and determining what exactly you need to do when it comes to your commercial insurance.
Although it may be true that if you own your business, you are naturally a risk-taker, this is not a recommended attitude when it comes to insuring your business. In fact, it’s rather the opposite. Insurance is meant to be anti-risk—it exists for the sole purpose of keeping you safely covered on the off chance that things go awry. So, selecting the right commercial insurance is an important part of your successful enterprise.
While this blog is not going to provide you with the complete insight you’ll need to select the right insurance and coverage your business may require, we do hope that it provides you with enough information to whet your appetite and inspire you to speak with one of our actual insurance experts. We will offer you straight-forward, honest advice, we understand our local Leeds community, and are available around the clock.
What is Commercial Insurance?
Commercial business insurance should protect your business from any claims that may arise as the result of injury or damage because of your business activities. The type of insurance you select will depend on the type of activities your business performs during the course of a regular business day.
It is worth noting that there are many different types of commercial insurance, and some of them are required by law, while others are optional. To get you started, here is an overview of the commercial insurance types you may need to consider.
Commercial Insurance Required by Law
As noted above, there are some commercial insurance types that are required by law. These are not optional and must be a part of your coverage if they pertain to your business. While the three categories of insurance listed below are legally required, there are a variety of cover options within each to consider for your particular business needs.
1. Employer’s Liability Insurance
If you have employees—meaning you are not self-employed and therefore do not employ any staff, you are legally obliged to have employer’s liability insurance to cover the cost of employee compensation should they be injured or become ill due to work. £5m is the minimum level of cover that is required although most insurers now offer £10m as standard.
2. Commercial Vehicle Insurance
If you use any sort of vehicle in your business, you are obliged to have commercial vehicle insurance. This is different from personal vehicle insurance which only covers social, domestic and pleasure usage.
3. Professional Indemnity Insurance
Although not a legal requirement, depending on your profession, you may also be obliged to have professional indemnity insurance based on the requirements of your profession’s governing body or regulators.
Optional Business Insurance
Regardless of whether you own or manage a late bar or nightclub, if you are a roofer or scaffolder, own or manage a gym, or run any sort of independent business at all, you will also need to evaluate what other commercial insurance you might need. The following insurance types are not legally required, but they may be coverage you should consider.
1. Commercial Property Insurance
Commercial property insurance covers the costs of having to rebuild or repair your business premises, your fixtures and fittings and can include extras such as loss of rent.
2. Public Liability Insurance
If a claim of fault or negligence is brought against you or your business by a customer, client or member of the public, public liability insurance covers the cost of these claims.
3. Cyber Insurance
While this might sound like something straight out of the movies, in today’s wired world, cyber insurance covers your business for losses relating to damage to, or loss of information from, IT systems and networks.
The Best Commercial Insurance for Your Business in Leeds
At Edison Ives, we understand your commercial insurance needs because our experts have been providing local Leeds businesses with the right insurance for decades. However, don’t let our experience fool you. We’re not old fashioned, and we’re not a call centre. We’re different—and we like it that way.
Our customers are always at the centre of what we do. You’ll never be passed around or wait endlessly on the line for the next available representative. You’ll have a real connection, to a real person, who will be your dedicated Account Manager and Handler, with a direct dial and email address you can you use any time you need to reach them.
We always strive to get the cover right first—but that doesn’t mean we neglect the price. Since we are appreciative members of the Hedron Network, a network that supports and represents a collection of like-minded independent insurance brokerages across the UK, we can collaborate with them and have the buying power to give our customers excellent products at incredible prices.
Get the right commercial insurance in Leeds for your business. Contact us today for a great commercial insurance quote, with great service. It’s that simple.