In these uncertain days of difficult trading, crime sprees and all sorts of unimaginable horrors, having the right kind of insurance behind your business is one of the wisest actions any operation can take. There are many types of business insurance and they all have their purpose. Take pulic liability insurance for example. This covers any damage caused by your business to a third pary or their property. A third party is typically someone not employed by your own company. There is also the intriguingly named professional indemnity insurance. This will cover claims made due to any failings in the services or products provided to others by your company. One very important one is employer’s liability insurance which offers cover to any UK employers against legal liabilities and any costs if members of staff become ill or are injured due to their work. It should be considered as a legal requirement if a company employs anyone other than an immediat family member.
A sole traader may feel they don’t need employer’s liability premiums but that should not stop them from considering other forms of insurance cover. This is wise to check any cover that would ne needed to remain compliant and to trade safely. Some may not be legally required but are actually essential as a business won’t be able to work without them.
