According to the law, your business needs some sort of liability insurance if it has employees. However, the safe option – to ensure you are completely covered should something go wrong – is to take out professional insurance no matter what the nature of your company is.
But how to choose? It can be tricky to work out which type of insurance you actually need, so here is a brief outline of all the available policies and what they cover:
Employers’ Liability Insurance
This sort of policy covers you in the event that an employee in your company becomes injured or ill whilst at work and sues you for compensation. You are required by law to have at least minimum cover if your business has employees.
Public Liability Insurance
This is similar to employers’ liability, except it is not applicable to employees. If visitors to your property become injured or ill, or damage to other parties’ property is inflicted, this kind of insurance will cover you for the consequences.
Tradesman’s Liability Insurance
Tailor-made for skilled manual workers, this insurance will cover everything from tools and equipment to personal accidents and travel.
If you sell or supply other parties with products, this professional insurance will cover you against damage to property and personal injury.
Ask yourself: how would your business cope if something unexpected like a lawsuit occurred? If you don’t think it would survive, then you need insurance.
For further information, or to obtain a quote, please contact a member of our team.