Insurance, Liability & Indemnity

What Insurance Do I Need For My UK Business?

Business Advice | 3 March 2023 | 1 year ago

As a small business owner, it’s important to protect you and your business against a variety of things. Though the chances of a claim being made against you are slim, there is no knowing what will happen in the future, and being covered is key. There are various types of insurance that are required for businesses in the UK, and others that are highly recommended. Sometimes this depends on the type of business, and other times it’s recommended for businesses of a certain size.

Here is an overview of what insurance you should consider for your UK business. Remember to use a broker to get the best advice and deal, as you don’t want to find yourself paying more than you should for insurance, nor do you want a level of cover that’s too low.

Employers’ Liability Insurance

Employers’ liability insurance is mandatory for businesses in the UK, regardless of business size and type. It’s there to protect you and your business should an employee become injured or unwell during their time at work. If you go without employers’ liability insurance, you could find yourself struggling to cover the cost of an expensive claim. Employers’ liability insurance is there to cover you for compensation, legal fees, medical costs and any other costs associated with the claim.

Public Liability Insurance

Public liability insurance is there to cover you if a client or customer, or anyone visiting your business, has an injury whilst on the premises. It also covers you if someone claims that their personal property has been damaged by your business. If you do not have public liability insurance, and someone hurts themselves at your business, you won’t be covered for costs arising from a compensation claim.

Professional Indemnity Insurance

If someone claims that a service you provided was inadequate, they could make a claim against you. This could be because they were unhappy with the standard of your work, or because they think you acted negligence as a professional. Professional indemnity insurance is there to protect you from the financial damage a costly claim can have.

Directors’ and Officers’ Liability Insurance

Being the director of a company is a big responsibility, and a claim being made against you could have serious consequences. Claims can be made for a variety of reasons including breach of trust, negligence, defamation, mismanagement and breach of duty of care. You could be disqualified, prosectioned and your personal assets might be at risk. Directors’ and officer’s liability insurance is there to help cover the cost of these risks.

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