When you take the plunge and become a business owner, no matter what size that business may be, there are certain aspects you leave yourself accountable for. This is what’s known as Management Liability. You might not think it, but even the more virtual, computer-based professions can be faced with an expensive court-battle, so it isn’t just the high risk professions that are open to this.
Things are bound to go wrong, and they so often will, so ensuring you’ve got the correct insurance to cover you is extremely important. Although when you begin to research these insurance options, the whole process can seem more than a little intimidating, it is often more straight forward than you think. Here are some of the key parts of Management Liability that you may not have already considered, but that are essential when it comes to covering yourself legally as a business owner.
Property Insurance
First and foremost, no matter whether your business is home based, or based in a rented, commercial building, taking out a policy to cover you for Property Insurance is exceedingly important, especially if your business carries expensive items such as computer equipment, or if you use the premises to house certain levels of stock. Property Insurance is there to cover you for everything from fire damage to damage caused to stormy weather.
Employers’ Liability Insurance
This is a compulsory piece of cover, which essentially protects the person or company who has taken out this insurance against claims made by the employees who work for them, protecting them from things such as lawsuits for injuries sustained in the workplace or for any sort of major illness caused in the working environment. There are so many aspects you probably haven’t even considered that covered by this type of policy.
Management Liability Cover
As a manager and business owner, especially within a small business, this cover is of the upmost importance. Although many would hate to admit it, even those in high places make mistakes, and so it is important that you cover yourself should this situation ever arise. Management Liability Cover (also known as Directors and Officers Insurance), can cover you if you commit a wrongdoing or if ever something goes terribly wrong and you require a legal representative.
Obviously, as your business grows, so will your need for more extensive insurance, but in terms of insuring a small business, although there is a lot more you will need to consider, these are a good place to start. There are plenty of companies out there who have a whole host of insurance options available for small and large business owners alike, and companies such as Catlin US who can provide you with helpful advice without the jargon. Luckily, you often don’t have to take out individual cover for each thing you need to insure and many companies are able to offer you an insurance package tailored to suit your needs.
