Your Business March 2020 - 87

Insure your success

The
interview

Not having the appropriate insurance
policies in place could scupper your
enterprise before it even gets off the ground
Every business needs to take out certain
insurance cover to comply with the law.
Give yourself time to shop around the right
policies and consider whether you need any
of the following:

Employer's liability

Covers you and your employees against injury
or illness as a result of the work undertaken
in your employment.

Public liability

Similar to employer's liability, public liability
insurance covers your business against injury
claims by members of the public or customers.

Professional indemnity

Some industry-regulating bodies such
as accountancy and engineering require
professional indemnity insurance (PII), but
you could also need it if your business offers
advice in any professional capacity.

Business motor vehicles

Whether you use a single vehicle or a fleet
of cars, business motor vehicle insurance is
essential. Standard policies cover only social
and domestic use, so if you use your own vehicle
for business purposes, you must inform your
insurer so it can change your cover accordingly.

Property

Commercial property insurance covers your
place of work and its contents in the event of
a fire or flood. This can include buildings,
fixtures and fittings, plus anything from
computers and business machinery to cash
and stock (whether this is work-in-progress
or finished goods for sale).

Health insurance

Offering a group health insurance plan can
help to attract and keep quality employees,
plus the employee premium you pay as
a business owner is tax deductible.

Cover all your bases
Gerry Donnachie, head of underwriting and pricing at
AXA Insurance, looks at how SMEs can make sure they
get the right insurance for their business
Many SMEs aren't very familiar with the ins and outs of business
insurance, and why would they be? But if they're not sure which covers
they need to protect their business, it may mean they're also unclear
of the risks their business faces. They may feel as though they don't
need insurance at all; there's also a lack of certainty around what
covers are required by law, and what levels of insurance and indemnity
limits they should choose. Under insurance can be a big problem.
The insurance you need depends on the nature of your business.
I'd start with what's required by law. If you have a vehicle you use
as part of your business, you need motor insurance with business
use. If you employ anyone - even temporarily - you need employers'
liability insurance (although there are some exceptions, such as
close family members). I'd also include public liability insurance to
protect you should you injure a third party or cause damage to their
property as a result of your business activities, and professional
indemnity insurance. SME owners also need to think about their
physical assets and loss of income should any of these be affected.
AXA has a simple online tool, Business Insurance Wizard; small
business owners enter some basic details about their company
and it will tell them what sort of insurance covers they should be
considering. We also have an easy-to-use online quote process
so that, by answering a few relevant questions, a business can
tailor a quote and choose the insurance that's best for them.
If they're unsure about any elements of cover, they can call
our contact centre and speak to an experienced adviser.

There are R&D tax credits for SMEs, calculated at
12% of a company's qualifiying R&D expenditure
87

84 YB2020 Tax and Insurance_F2.indd 87

13/02/2020 21:25



Your Business March 2020

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https://europe.nxtbook.com/emp/EMP/jobsandcareerswinter2020/21/jobsandcareerswinter2020
https://europe.nxtbook.com/emp/EMP/yourbusinessmarch2020/yourbusinessmarch2020
https://europe.nxtbook.com/emp/EMP/YOUR_BUSINESS_Spring2019
http://europe.nxtbook.com/emp/EMP/2016SixnationsGuide
http://europe.nxtbook.com/emp/EMP/NationalExpress
http://europe.nxtbook.com/emp/EMP/SixNationFeb2015
http://europe.nxtbook.com/emp/EMP/National_Express_2013
https://www.nxtbookmedia.com