Do you have to have insurance for a business?
This is a very simple question, but one that has quite a complex answer. We will attempt to summarise the key covers most businesses should have, and a link to a more in-depth breakdown of cover you may need to consider.
So, let’s start with the simple stuff. If you employ anyone or have anyone working for you in capacity, even volunteers, then you must have Employers Liability insurance. It is a legal requirement and if you don’t, not only are you putting your livelihood at risk and the well being of your staff but you could also be fined up to £2,500 for every day you failed to have adequate cover in place. If you are worried by this please Contact Us and we can arrange cover today.
Next, Public Liability, if you having anyone visiting your offices or property then you need this cover. This covers you for the cost of a claim made by a member of public if they suffer injury or damage to their property as the result of your business.This can be anything from slips and trips (a lot more common than you’d think) to even people tripping over your equipment away from your premises. It also covers you for damage to their property as a result of your business, for example, their car is damaged in your car park or their laptop falls off your desk and breaks.
If you have vehicles then you need to be aware that a standard car policy, usually only provides cover for social use and commuting so it is essential you get a policy that covers your business mileage. If you don’t then your insurer will not pay the claim which will result in you being out of pocket.
For a further list of specialist covers that you may need Click Here.
To discuss your requirements with an startup insurance expert Click Here.