Protecting you and your business: taking out insurance
3 February 2026
Business insurance is a vital part of protecting your enterprise. We outline five of the most common types of insurance and how they safeguard the future of your business.
We all hope that our pathway along the business journey will be smooth and uncomplicated.
But the reality is that accidents can happen, along with unplanned injuries, damaging weather events and legal suits from disgruntled clients.
So, what can you do to protect your business from these potential negative consequences? The answer is to take out the relevant business insurance for your company.
Five common kinds of business insurance policies and how they protect you
- Public liability insurance
Public liability insurance covers your legal costs and compensation claims if a third party – such as a customer or passer-by – suffers an injury or property damage because of your business activities. It’s an essential policy to take out if you interact with customers in a physical space. - Product liability insurance
If a product you design, manufacture or supply causes injury or damage to a consumer, product liability insurance protects you. It handles legal defense fees and settlement costs and is a vital policy for all retailers, wholesalers and manufacturers that produce or sell physical products. - Business contents insurance and tools insurance
Business contents insurance covers the cost of replacing or repairing your internal assets – items like computers, furniture and stock – if they’re damaged or stolen from your premises.
Tools insurance covers the cost of repairing or replacing your vital portable gear – things like your laptop, specialist machinery or hand tools – if they’re stolen, lost or damaged.
Having contents and tools insurance in place to cover the expense of repairs or buying new equipment means you can get back up and running without major out-of-pocket costs. - Employers’ liability insurance
Employers’ liability insurance covers your compensation costs if an employee falls ill or is injured while working for your business. The specific legal requirements vary from country to country, but it’s often mandatory for employers to take out protection against workplace-related health and safety claims. - Professional indemnity insurance
Professional indemnity insurance protects you against legal costs and damages if a client suffers a financial loss because of your professional advice or services. It’s a crucial policy for consultants and experts, shielding your business from client claims of negligence, errors or omissions in your work.
Working with you to understand your insurance needs
Whatever stage you’re at in the business journey, it’s important to think about the insurance needs of your business and the specific areas where you may need protection.
We’re not insurance experts, but we can work with you to define the basic policies you’ll need. We can also connect you with the best insurance brokers and agents for your business type, industry or niche sector – so you get tailored advice on your insurance requirements.
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One of the best things about online shopping is instant, hassle-free payment. Enter your details, click, and you’re done. If your customers can make an instant online payment, they’re likely to pay you more quickly – and they’ll appreciate the simplicity too. The details Online payment methods include credit and debit cards, ACH (Automated Clearing House) services like Paypal, and repeat payments through direct debit. Payments are managed by merchant service providers – specialist companies that process transactions on your behalf. Some focus on credit and debit cards, while others stick to ACH or direct debit. Choose a provider that can integrate with your accounting software, and you can add a super-simple payment button to future invoices. The costs While your merchant service provider shouldn’t charge any set-up fees, they will charge transaction fees. These range from 2-4% of the invoice for debit or credit cards, and under $2 a transaction for direct debit. These fees are an added expense, so they need to be included in your profit calculation – smart accounting software will do this automatically. Because credit and debit fees can add up, many businesses don’t offer online payment for invoices over a certain amount. The benefits Businesses using online payments get paid faster. Of course, not every client will pay instantly just because they have the option, but it should speed up your average payment time. A bonus benefit? Customers appreciate the ability to pay online, so offering it as an option can be a big point in your favour.
Questions to Ask Now to Plan for the Year Ahead
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