Unfortunately, modern society has taken a litigious turn. Small business owners can fall victim to unethical nuisance claims or face legitimate liability issues, if someone sustains an injury on your property or you cause damage while working at another location. Sole traders and self employed people are personally liable for negligent or accidental damages they cause, and you could lose your home, business and other assets.
Insurance cover helps pays for legitimate claims, and your insurance representative can help provide the resources needed to fight false accusations in court. Sole traders make particularly susceptible targets for nuisance claims, because scam artists feel independent traders are more likely to settle claims in order to avoid protracted legal battles.
Work accidents occur at astonishing rates, according to statistics compiled by http://www.rospa.com/statistics/default.aspx.
Workers in any kind of trade risk accidents on a daily basis. You should consider the following examples to understand the risks.
In the UK, you must have employers' liability cover if you hire workers. Other types of insurance might be optional, but you could put yourself in an untenable position without sufficient protection. If you are self employed or work as a sole trader, you should compare the benefits and prices of various forms of insurance cover.
This cover protects you in case a person suffers injury on your property, and the cover extends to damages you might cause working elsewhere. You also get protection for associated legal fees. If you subcontract for other businesses, they might require this insurance to indemnify them against accidents.
If your actions or negligence result in actionable damages, due to inferior workmanship, malpractice, bad advice, or incomplete work, this cover provides protection against legal action by your customers.
Contractors or clients might also require performance bonds to ensure work is completed on schedule within the budget.
The tools you use at work often comprise sole your most important assets. You cannot work without them, so protecting them against theft and damage will keep your investment safe.
Insurance packages often combine several cover options that benefit a particular trade or profession. Careful comparison will help you locate the best insurance cover for your business at an affordable premium. If you own your retail location, you might need building insurance. Additional medical insurance cover would enable you to avoid long waits for NIH appointments. Business interruption or loss of money cover might also be attractive options.