There are a number of different types of insurance that are available to protect dog walking businesses from unexpected losses. Property insurance will be familiar to most people because it is similar to your household insurance, although some of the other types are not quite so well understood.
The insurance for dog walking businesses that are available include:
- Property insurance
- Employer’s liability insurance
- liability insurance Cover
- Personal accident and sickness insurance
- Legal expenses insurance
This type of insurance covers you if your business property is accidentally damaged or stolen.
Although you might not think you have much business property to insure, it can be surprising just how much you have once you add up the value of the office equipment that you use to run your business and manage your accounts.
Remember that if you operate your business from home your household insurance might exclude cover for items that you are using to run a business.
Employer’s liability insurance
Employer’s liability insurance covers you if an employee claims compensation from you because they believe that something you have done or failed to do has resulted in them being injured.
This type of insurance is a legal requirement if you employ anyone, even if you are only employing people on a temporary or casual basis. There are heavy fines if you fail to comply with this legal requirement.
As well as paying any compensation awarded, any associated costs and expenses, including legal fees, are also covered. Your employer’s liability insurer will handle any compensation claims on your behalf so you wouldn’t have to worry about dealing with solicitors and legal issues.
Public liability insurance
Public liability insurance is similar to employer’s liability insurance, but rather than covering compensation claims made by employees it covers compensation claims made by other people who believe that your actions have resulted in them being injured or resulted in their property being damaged.
Unlike employer’s liability insurance, public liability insurance isn’t a legal requirement, but it would be unwise to trade without it. Some claims can result in compensation awards in excess of £250,000 and by the time the associated costs, expenses and legal fees have been factored in, the final settlement amount can be much higher. Even a minor injury can result in a settlement amount in excess of £1,000.
As with employer’s liability insurance, your public liability insurer will handle any compensation claims on your behalf.
Personal accident & sickness insurance
Personal accident and sickness insurance covers your income if you are unable to work if you are injured or ill. This means you can concentrate on your recovery, safe in the knowledge that you will be able to cover your monthly outgoings.
This type of insurance pays a weekly benefit if you are unable to work on a temporary basis. If you will be unable to work permanently, a lump sum is payable instead.
A lump sum is also payable in the event of death or certain other injuries, such as the loss of an eye or a limb.
Legal expenses insurance
If you find yourself involved in legal action it can be expensive. The legal fees can soon mount up.
Legal expenses insurance protects you against unexpected legal bills and covers a range of different types of legal action. As well as covering your legal costs if criminal charges are brought against you, this type of insurance also covers legal expenses arising from:
- Contractual disputes
- Disputes with your neighbours
- Employment tribunals
- Tax and VAT inspections
As well as covering your legal costs, your legal expenses insurer will also have a fully-trained team that will be able to help you deal with the legal action that you are facing.