Commercial business insurance

Any type of company will require to take out commercial business insurance for protection of possible financial losses from accidents or injuries. It is possible that nothing may happen and you think, why did I take out this cover, but what you should be thinking is the other way round.

An accident occurs causing thousands of pounds worth of damage that you are liable for. Thankfully you've taken out commercial business insurance and are now thinking, what would I have done if I hadn't taken out cover. The simple answer is that you would have had to pay the costs out of your own pocket.

This is ok if it is a small amount but what happens if an injury is involved or major damage to a property. This can go into 4 figures and beyond. It is not likely that you would have these funds readily available to sort out such an incident so your insurance policy would then kick in.

Without cover you are leaving yourself open to possible liquidation or bankruptcy if you are unable to pay damages or injuries you are liable for. In some cases it is against the law to not be insured for such things and you could find that this leads to a large fine on top of these costs.