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Why you should insure your business

Category: Business Matters

Added 12th May 2013

By Eastlake & Beachell Ltd

Your business represents a substantial investment of your ideas, time and money in addition to your sweat and elbow grease. It faces a variety of risks and perils and you should consider insurance as a way to protect your investment.

You can insure against the risks of loss or damage to your business tools and equipment and the consequential interruption to your business following each loss or damage.

You can insure against claims from other people in respect of personal injuries or damage to their property (i.e. their horse) arising from your negligence in carrying out your work.

Whilst the above forms of cover are at your own choice, if you have an employee there is a statutory requirement that you arrange Employers’ Liability insurance to cover them for injury or disease sustained whilst at work.

You may see insurance as an unavoidable cost which you don’t much like but you should consider what would happen to your business if you were to have a large claim made against you, for example, for veterinary fees to rectify an alleged injury or if your vehicle was stolen with all your equipment inside. Do you have the spare cash to pay that claim or replace all of your equipment to enable you to continue working? Whilst thinking about worst-case scenarios is not something we like to do, as a business you should at least have considered the issue. Insurance can end up being your business’s life support if disaster strikes and it is too late to get cover after an incident has happened.

Looking at it from a more positive aspect, why not advertise the fact you are insured. This demonstrates to other clients and other businesses that they are dealing with a respectable business which takes health and safety seriously and that you fully understand your responsibilities.

We recommend as a minimum that you have Public Liability insurance including injury to horses cover. However, the area in which we receive the most claims is the theft and damage to property, so we recommend that you should at least consider this cover in addition.

The other area in which we receive claims relate to injury to horse and these can range from a few hundred pounds running up to more than a few thousand pounds plus the odd claim of considerably more!

If you have any queries concerning your insurance or wish to get a quote please contact Catherine Sibley on 0116 204 4604 or catherine.sibley@eastlakebeachell.co.uk.


Eastlake & Beachell Ltd is authorised and regulated by the Financial Conduct Authority (FCA).