When it comes to protecting your business, having insurance is essential. However, many business owners are not aware of the full range of add-ons available to them when it comes to business insurance in the UK. In this blog, we will explore some of the lesser-known add-ons for business insurance in the UK.
Cyber Insurance
In today’s digital age, cyber-attacks have become increasingly common. Cyber insurance provides coverage for losses resulting from cyber-attacks, such as data breaches, cyber extortion, and business interruption due to cyber incidents. This type of insurance can also provide assistance with managing the fallout of a cyber-attack, including the cost of public relations and legal advice.
Directors and Officers Liability Insurance
Directors and officers liability insurance (D&O) protects the personal assets of company directors and officers in the event of legal action being taken against them. This type of insurance provides coverage for legal expenses, settlements, and judgments resulting from alleged wrongful acts, such as breach of fiduciary duty, negligence, and financial mismanagement.
Professional Indemnity Insurance
Professional indemnity insurance (PI) is a type of insurance that protects businesses that provide professional services, such as architects, accountants, and consultants, against claims of negligence, errors, or omissions made in the course of their work. PI insurance covers the cost of legal defense and any damages awarded to the claimant.
Key Person Insurance
Key person insurance provides financial protection to businesses in the event of the death or serious illness of a key employee. This type of insurance provides a payout that can be used to offset the costs of hiring and training a replacement or covering lost revenue.
Business Interruption Insurance
Business interruption insurance (BI) provides coverage for losses resulting from events that cause a business to close temporarily, such as a fire, flood, or other natural disaster. BI insurance covers the costs of lost revenue, ongoing expenses, and the cost of getting the business back up and running.
Terrorism Insurance
Terrorism insurance provides coverage for losses resulting from acts of terrorism. This type of insurance is particularly relevant for businesses that operate in high-risk areas or industries, such as transportation or finance.
Having the right insurance in place can protect your business from a wide range of risks. It’s important to work with a reputable insurance provider to ensure you have the right level of coverage for your business’s needs. By exploring the lesser-known add-ons for business insurance in the UK, you can ensure that you have comprehensive coverage to protect your business in the event of unforeseen circumstances.
Want to know more about how you can boost your Business Insurance? Get in touch with The Insurance Centre on 01524 848506.
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