Business is risky, and never more so than in the current economic climate. The manager of a business, whether it be a sole trader or the chief executive of a multinational corporation, has to evaluate the risks which the business faces, and try to minimise the impact of these risks by taking out the appropriate insurance. Some risks can completely wipe out a business, so various types of corporate insurance are essential.

Public Liability Insurance

Perhaps the most critical type of insurance needed by businesses at all levels is public liability insurance. This protects companies against being sued by a member of the public gets injured or suffers some sort of loss because of the company’s business activities. Given that legal costs alone can run into hundreds of thousands of pounds, a lengthy legal process can force a small company into liquidation. All good UK corporate insurance broker businesses will be able to advise on the best policy given the businesses individual characteristics.

Employers’ Liability Insurance

This type of insurance protects the business against claims made by employees who are injured or become ill because of their work. In the UK, having employers’ liability insurance is a legal requirement for all but the smallest businesses. This sort of cover can be bought as an individual policy, or part of a larger corporate insurance policy which rolls all sorts of business cover into one package.

Buildings and Contents

Companies who rent their premises may not need buildings insurance, but they will need contents cover to insure the assets of the business including stock, machinery and items such as computers. Many businesses also have cover which will pay to rent an alternative property after an emergency such as fire or flooding.

Interruption Insurance

This is a growing area of the insurance market, and with this sort of cover the policy will pay out after an event which means the flow of business is interrupted such as a flood in a factory, a key supplier ceasing to trade or even the illness of a key member of staff. For businesses heavily dependent on a few key variables for their success, this sort of insurance can be a good buy.

Other Types of Insurance

Wherever there is a risk there is a policy which will protect a business against it, and some larger companies have a vast range of policies. Some companies insure against the possibility of a key member of staff leaving the company at short notice, or falling ill and being unable to work. Cash-rich businesses may need to insure money in transit from the business premises to the bank. Businesses operating a fleet of cars or vans will need a corporate vehicle insurance policy. A good insurance broker will look at the overall business and advise which policies are the most appropriate.

Insurance is a multi-million pound business and one of the major drivers of the economy around the world. Huge amounts of money are to be made by selling insurance premiums to corporate customers or private individuals, but what countries are the best and worst insured?

Read the benefits and general features of corporate insurance and visit the UK corporate insurance broker today at http://www.ukhealthinsurance-services.co.uk/

Know about the advantages of corporate insurance at http://www.ukhealthinsurance-services.co.uk/

Author Bio: Read the benefits and general features of corporate insurance and visit the UK corporate insurance broker today at http://www.ukhealthinsurance-services.co.uk/

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