Business insurance choices for women

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Female entrepreneurs are key to the recovery and support of the UK economy in these turbulent times. There are some strong-willed and talented women out there, with nurturing instincts and multi-tasking skills making them perfect business owners.

Now is a good time for women to set up a business as there are a lot of openings in markets. Small businesses are the corner stone of the economy and if you play your cards right, starting up your own business can be very rewarding both financially and on a personal level.

Protecting your business is essential, and you should do your research into what type of business insurance is required. Businesses usually purchase more than one type of insurance to protect themselves from a range of risks. Some of these are compulsory, such as Employer’s Liability insurance, which insures you against liability for injury or disease to your employees arising out of their employment. Others you may choose to look at are Professional Indemnity (PI) insurance and Public Liability (PL) insurance.

Professional Indemnity insurance protects you against third party claims of negligence or a mistake of your company, and is compulsory for most businesses offering professional advice and services. These claims must have been committed in the course of your professional duties and must have resulted in their loss or damage. The types of businesses that often take out PI include accountants, IT consultants, journalists, architects, financial advisers and engineers.

Public Liability insurance covers you for claims made against you by members of the public or other businesses, but not for claims by employees. It will protect you in the event that a mistake is made which causes an injury to a member of the public or customer, or which damages their property. The cover should include any legal fees and expenses which result from any claim by a third party.

Increasingly insurers offer a flexible approach to insurance selection, recognising that all businesses are different. Take out a policy that covers your requirements, but at the same time, don’t be pressured into taking out a policy that includes features that you don’t actually need. Take the time to go through your options so you can enjoy peace of mind with your result.

This article has been written by AutoNet Insurance see www.autonetinsurance.co.uk.

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