Business Insurance ? the Frequently Asked Questions

of professional duty. It protects the business and their employees, and can sometimes lend to cover consultants who are acting on behalf of the business in question. In some business professional indemnity business insurance is compulsory such as accountants. It covers the business in case of negligence (perhaps giving incorrect information or making a mistake when working on the clients behalf), or loss of professional documents or data and so on. 

Q. What is Business Interruption Insurance?
A. Business Interruption Insurance (sometimes called Business Income Insurance) covers your business for any loss of profits due to your business not being able to run normally for example if the premises become untenable or if the office needs to close down due to legal proceedings if a claim is made.

Q. What information do I need to give in order to obtain a quote for my business insurance?
A. When setting up your business insurance it is recommend to obtain a few different quotes from a few different insurance companies. In order for insurance companies to give you an accurate price regarding your business insurance you will need to answer a series of questions, these may include:

• your profession and industry
• the level of cover you need
• annual turnover, annual gross income, and annual fee income. If the business is new you’ll need to give your first years