Business insurance


Commercial liability in a business context is defined as your business’s responsibilities if injury or damage was caused to a person or property. Your business is legally and financially responsible for the safety of the people and property that it comes into contact with.

Any commercial liability that is proven in a courtroom will usually result in some form of compensation - or damages - being paid. In serious cases of commercial liability a prison sentence could result. It is always best to ensure you have adequate cover from a commercial insurance policy to ensure you do not end up in this situation.

Types of business insurance

You can’t always predict what might happen to your business in the future. What you can do is use commercial insurance to protect your enterprise from unforeseen events.

Often called crisis or continuity planning, commercial insurance is available in many forms including:

  • Public liability insurance
  • Buildings and content insurance
  • Business continuity or interruption insurance
  • Product liability insurance
  • Litigation insurance
  • Loss of earnings insurance

In additional to the protection that these insurances give your business against commercial liability, some specific businesses must also have what is called professional indemnity insurance. This is a legal requirement. Some of the businesses that must have this form of commercial-liability insurance include:

  • Financial advisors
  • Solicitors
  • Accountants

If a case of commercial liability is brought against you or your business, it is essential to have fully qualified legal representation. Some forms of commercial liability, such as public liability, can be particularly complex cases as they could involve a death. Your liability solicitor can give you initial advice about your case, and also support you through every step of the lawsuit.

Advice on commercial insurance

Most businesses will have a mixture of commercial insurance depending on the sector their business operates within. Most commercial insurance is bought via a broker.

It is also advisable to get advice from a solicitor about the types of commercial insurance your business should have. As some commercial insurance can be very expensive, you must decide if the cost is justified. And some insurance such as public liability and professional indemnity insurance is compulsory in some areas of business.

A solicitor with an insurance background will be able to help you design a commercial insurance package that not only protects your business from unforeseen events, but that is also affordable to maintain over the long term.

Commercial insurance is an essential component of your business and should not be overlooked. The cost of paying a claim made against your business can be very expensive. Contact a business solicitor to ensure your enterprise has all the commercial insurance it needs.

Do you need guidance on commercial insurance? Caven can put you in touch with a specialist solicitor with a background in insurance law to help answer any questions you may have. Please call us on 08001 221 2299 or complete the web-form above.

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