Insurance
Certain types of Insurance are legally required for all businesses to have large or small. For example, if your business has employees it must have Employers Liability Insurance to cover claims which arise from employees being injured at work. By law, the coverage must be at least £5 million although in practice most policies cover at least £10 million
If your company uses motor vehicles on public roads it is mandatory to have purchased at least third-party motor insurance. This covers your business’ liability to someone else or other property.
Businesses in certain professions eg law, accountancy, financial services are legally required to have professional indemnity insurance. This protects them against legal liability for losses suffered by customers as a result of negligence.
Other types of insurance to consider for your business include:
- Buildings & Contents Insurance
- Equipment
- Business interruption
- Goods in Transit
- Credit Insurance
- Legal expenses insurance