When you are looking to set up your own business, you need to make sure that you have looked into all the different types of insurance policies that you may need to take out to protect not only your own assets, but also any stock inside the shop, as well as employees and members of the public who may venture inside your shop to browse stock. Accidents are never planned and also never welcome inside of a shop, but they do happen. In the event of an accident happening you need to make sure you have the insurance policies in place to protect you from any claims (lots of good information available at http://www.shopinsurances.net/).
In the current economical climate, there is a great emphasis on the amount of people who want to claim from companies because of an accident that may have happened. They want to claim compensation against the companies so they can get some extra money and possibly take some time off work with injuries too. It is because of these people looking to claim from many different things, that you need to make sure that you are protected by your insurance policies. The most important insurance policies that you will need to take out are the public liability insurance and the employer’s liability insurance policies. These are the policies that protect you from having someone make a claim directly against you.
The public liability insurance covers any member of the public who may walk into your shop. There are a number of accidents that can happen to people inside a shop, such as a wire running along the floor for a vacuum cleaner that has not been marked, or a water spillage that has not been properly cleaned up with a wet floor sign displayed. These kinds of things are what can lead people to trip up and potentially injure themselves whilst inside your shop, and because it is ultimately your fault that these things have happened, it is on you that the claim will lie. The public liability insurance will protect you from having to pay any potential compensation yourself, as it will come from the insurance policy. The claim could be any amount of money, more than likely more money that you could personally pay to the victim, so it is important you have taken out this insurance.
Employer’s liability insurance covers any member of staff that may work for you against any accident happening in the workplace. A number of them are similar accidents to those that a member of the public may face; such as tripping or falling over an obstacle that has not been properly marked out and falling leading to injuries. These injuries may well stop you from being able to work, as well as function easily in day to day life, so the insurance company will have to pay out for this instead. This is one of the more important insurance policies that you need to take out as it is one where a lot of the blame can be laid on you, and a lot of money can be claimed in compensation.