Two important insurance policies businesses think they have but usually do not have

It is a legal requirement for any company that employees staff to hold employer's liability insurance, and no doubt there will be numerous other policies you hold as a business owner. But do they cover every area for which you need protection?

For example, do they cover the effects of cyber-crime? Are you covered for the cost of acquiring cover staff if someone is off work due to an injury? If it happened at work and was due to negligence, your employee liability cover might kick in, but what if it happened outside of work? If you are a sole trader who does not need employee liability cover, what would happen if you had an accident and suffered injury yourself?

Traditional insurance policies rarely include all these eventualities. Fortunately, you can still get the cover you need through specialist insurance policies. Cyber risk and key worker injury insurance plans are available to all businesses, whatever their size.

How to Cope with the Effects of Cyber Crime

Most organisations have no option but to rely heavily on IT that can be adversely affected by viruses or hacking. It is a sad fact that despite all efforts at protection, breaches of data security and successful cyber attacks are still happening in the small and medium business community, as well as in major companies and private sector bodies. The effects can be wide ranging and devastating, from financial penalties and specific extra costs, to loss of business and reputation.

The only way for you to have true peace of mind about this is to cover all potential risks with specialist insurance.

How to Protect a Business from the Effects of Accidents

In a small business, losing a member of staff for a sickness period following an accident can make an enormous difference to productivity. Unless someone else can do the work, in extreme cases you may be unable to fulfil orders and get a reputation for letting customers down. Whether the accident occurred at work or in the employee's own time, there may well be heavy costs that are not covered by your liability insurance.

With the right insurance plan however, these costs can all be covered. And you could be able to arrange for the best health care and rehabilitation therapies, all covered by your insurance policy, to get your worker fit and back on the job in the shortest possible time. Everyone can benefit when this happens and it will do wonders for the morale of your whole team.

Your local bookkeepers are likely to have experience of these types of policies and will be able to direct you to a good insurance broker, so it's worth getting their opinion on what you need and where to go for it.

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