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The wisest course is to think about all the potential risks your business faces and talk to an insurance consultant – whatever hazards are out there you’re
almost certain to find an insurance policy that covers them” “Failure to do so can result in hefty
fines; for employers’ liability this is up to £2,500 per day, for every day that a business does not have insurance. For motor insurance, the company can be held liable if they fail to arrange correct insurance for employees driving company vehicles, which can incur anything from a fixed penalty of up to £300, to an unlimited fine, a court appearance and the seizing and destroying of any involved vehicles. “Although employers’ liability and motor are the only compulsory insurances by law, there are other insurances which businesses are strongly encouraged to purchase. Public liability, buildings, professional indemnity and cyber risk insurances are just some examples that can ensure that a business, its employees and its customers are fully protected.” Here’s a guide to what’s a must, what’s advisable and what’s an added extra:
Employer's liability insurance As soon as you begin employing people, this is obligatory. It's designed to protect your employees if they fall ill or are injured while they're at work. You don’t need employer’s liability
insurance if you have a limited company with only one employee who owns 50 per cent or more of the share capital – in other words, you. Similarly, you should be exempt if you're a sole trader and don't employ anyone, or only employ close family members.
Buildings insurance Just like your home, any business premises you have must be protected. At the least, your policy should cover damage to the premises if it's affected by fire, flood or some other misfortune. You're not required to have cover for fixtures, fittings and stock on the premises, but it makes sense to consider that option.
Elena Fry, Partner and Head of Insurance and Risk at Brodies
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