What amount of insurance is the correct amount?

This is the big question if you are about to start a new business. If you are a van driver by profession, what is the best priced insurance cover? How much insurance do you need? You are advised to seek agent advice about business liability insurance if your start up is in a leased or rental area.

As a proprietor or director of an SME, or small to medium enterprise, it is vital that you have some insurance in place. If you have a limited company, you are required by law to have some form of Insurance for small business. The basic office insurance will cover you for a number of different liabilities, including some of the following:

1. General liabilty: this covers any eventuality that could befall you inside or outside the office environment. This would probably include an accident, whereby an employee could be injured, or be responsible for harming a member of the public.

2. Fires and burgulary damage and loss are covered by Fire and theft liability cover.

3. Produdt liability: is insurance against the possiblity of being sued by any customer who may have sustained an injury using your product. it is also useful in covering damage to their property, particularly after using your product.

4. Depending on the terms, a Personal disability insurance would pay out on a monthly basis and would cover any period of time.

5. Business interruption: cares for the cost for any temporary change in business location after a fire has damaged the office. it could cover the cost of accounts or records that have been damaged or misplaced.

It is common to see van insurance for commercial use, costing much more than vans used for private purpose. This is due to the high risk associated with the contents of the van. However, business van insurance will cover 24 hour accident recovery, and usually supply a courtesy car if necessary.

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