If you run a business, chances are you’ll need various forms of cover to protect you in case something goes wrong. If you own a company in the UK and have people working for you, you’re legally required to have employer’s liability insurance while you may also choose to take out cover for public liability. However, there are a few things you may not have considered when trying to implement an effective insurance programme..
If your business involves the transportation of goods, haulage insurance would be a worthwhile investment. You never know when something could be lost or stolen, or if your driver is going to have an accident on their next supply drop. This type of cover will help you keep things running and reduce the financial impact of an unexpected mishap.
Here, we dive a little deeper into haulage insurance and look at what you should consider when implementing an insurance programme.
Cyber liability
In today’s digital world, more data is being stored online than ever before, so it’s vital to protect your customers’ information, as well as your own confidential business data. Encryptions and passwords will help keep things secure, but there’s still a risk it could fall into the wrong hands.
Cyber liability insurance will protect your business in the event of a hack or privacy breach. Most policies will cover first-party and third-party financial and reputational costs if data is lost, stolen or corrupted. Many insurers that provide cyber liability insurance can also assist with many repercussions of a cyber-attack such as reputational damage and ransom payment advice.
Goods in transit
Accidents happen and mistakes are made, so give yourself peace of mind by investing in insurance which covers goods in transit. This kind of policy will cover goods for loss or damage when they are being transported from one destination to another, and ensure your business is financially protected against unexpected loss or damage.. Goods in transit are covered under most transport insurance policies.
Vehicles
Your fleet will be a vital asset, so you’ll need to ensure it is protected in the event of an accident, theft or damage. Most haulage insurance policies can be designed to cover a range of motor vehicles related to your business however it is important to work with your broker to ensure the vehicles are added and removed when necessary to eliminate the risk of an uninsured loss.
Storage and hazardous goods
Ensure your policy provides protection for your business in the event your goods are stolen, lost or damaged while in storage. If any of your stock contains hazardous goods, you should check your insurance provider covers protection for these too. A leak of flammable liquid or toxic chemicals could cause significant damage, so it’s especially important to make sure you are covered for this as claims resulting from hazardous goods can be large and wide reaching.
