When the unexpected happens, insurance steps in. And when you want to manage risk, insurance covers those unforeseen costs. For example, if you’re a pub landlord, pub insurance can cover the cost of damage to your premises. For beauticians, aesthetics insurance is a valuable safety net if treatments go wrong. And anyone can benefit from protecting their property with speciality home and business property insurance.
The UK is the largest insurance market in Europe, offering a range of products to protect you, your family and your business. These are the most common insurance policies available:
To drive legally in the UK, you must have insurance cover. This is because the law applies to all vehicles except those covered by a SORN (Statutory Off Road Notification).
The minimum requirement is third-party insurance which covers the cost of injury or damage to another person’s car or property. However, you won’t be protected if your own vehicle is damaged or stolen. You can increase your cover with third-party fire and theft or opt for a fully comprehensive policy.
For businesses with more than one company vehicle, fleet insurance streamlines your admin by covering all your cars, vans, taxis and HGVs under one policy with one renewal date. For delivery vehicles, courier or haulage insurance mitigates the risk of accident, damage and theft.
You’ll usually require home insurance if you need a mortgage to buy your home. It’s a high priority for peace of mind when you want to protect your property against damage, including flood, fire, vandalism and subsidence. It’s also worth considering contents insurance to protect your belongings from damage or theft.
And you don’t have to be a homeowner to protect your personal property. Tenants’ contents and liability insurance protects you and your belongings if you rent a property.
If your home has unique features like a thatched roof or you rent it out for short lets, you may need help finding a home insurance policy that fits. Specialist home insurance is available for those unique situations.
Business property insurance isn’t a legal requirement. But if your home or commercial property isn’t fully insured, you’ll be forced to cover any unexpected costs from your own pocket. So it’s a particular consideration for landlords and property investors looking to spread the risk with the right real estate insurance.
There are three principal types of life insurance:
- Life cover guarantees a lump sum when you die.
- Critical illness cover helps out with a lump sum payment if you can’t work because of a heart attack, stroke or cancer.
- Income protection provides a regular payment if you can’t work because of illness or disability.
It’s also worth looking at the cover you may already have in place, including death-in-service benefits that can pay out several times your salary to your family.
Protecting your income could be vital if you have family and dependents who depend on you. It’s also recommended if you’re self-employed and would need help maintaining your standard of living.
If you’re a business owner, it’s worth looking into Key Man insurance. It’s essential protection if your business would be negatively impacted by the loss of a critical team member through death or illness.
Travel insurance is essential if you frequently travel for pleasure or business. Lost luggage and medical emergencies can ruin the trip of a lifetime if you’re unprotected.
If you’re travelling for business, particularly to emerging markets in Africa, specialist international travel insurance is a must-have. High-risk destinations can make travellers particularly vulnerable, so look for a policy that takes into account the unique issues associated with your chosen destination.
With the rise of WFH, more of us are running businesses from a home office. But workspace insurance can also offer essential cover for entrepreneurs working out of a hub or coworking space.
If you run your business from a home office, your home insurance won’t cover your office-related items or business liability. The same applies if you’re a remote worker using equipment supplied by your business at home or in a coworking space. So whether you’re a freelancer or a solopreneur, specialist workspace insurance makes sense when you need to protect personal contents and business equipment.
Multi-cover policies let you combine the most common types of insurance protection in one simple policy. It’s an ideal way of covering your entire family if you have multiple gadgets or travel frequently.
Businesses can also benefit from the simplicity of taking out a single policy to provide a wide range of cover. Commercial combined insurance covers the day-to-day basics of running a business for your peace of mind.
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