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Professional indemnity insurance Professional indemnity gives you protection against claims made by your clients for any damage caused by professional negligence. Many firms, particularly larger organisations, won't hire you unless you have this cover. As such, it's a must-have for most contractors, consultants and freelancers. At the same time, it’s wise to have if you offer a service to businesses or the public.
Motor vehicle insurance If your business operates any vehicles, it's necessary to have insurance. You must have third party cover at least, and ideally fully comprehensive. One thing to bear in mind is that employees are less likely to look after a company vehicle than their own car, so you could face regular claims on the policy.
Industry-specific cover Some professions require you to be insured as a matter of course. For example, solicitors must carry an insurance policy to practice law. If you're part of a recognised profession, check with your industry body what insurance policies they insist, or recommend you hold.
Public liability insurance Although it’s not required by law, lots
of firms have public liability insurance. It provides cover if members of the public come to your premises and are involved in a mishap, or could be hurt in any way by something your business does. Note that some organisations will insist you have public liability cover before they give you a contract or let you operate on their premises. As well as covering for any damages that are claimed, a public liability insurance policy will cover you for legal representation.
Cyber insurance IT assets are critical to the day-to-day operation of many businesses, while third party information you might hold is extremely valuable and sensitive. Cyber insurance protects you against one of the world’s fastest growing crimes.
Other cover Over and above legal requirements, the
insurance that is best to have depends on the size and type of your business and the fields in which you operate.
Here are 10 other areas you can consider:
1) Directors and Officers insurance: specifically for directors of limited companies, this protects against claims
KEEP IT SAFE
Ensuring the wellbeing of your employees is as important as having the right business insurance. Remember, that under the law employers are responsible for health and safety management in any business. In essence, it's your duty to protect the health, safety and welfare of your employees and other people who might be affected by your business. You must take every reasonable step to achieve this.
Among other things, this means making sure your people and others are protected from anything that could cause harm. You are responsible for carrying out assessments that identify the risks in your workplace(s). Similarly, you must tell your
employees about those risks and how they are being protected. And you have to instruct and train your workforce on how to deal with the risks. It’s a requirement to consult
employees on health and safety issues. You can do this directly or through a safety representative elected by the workforce or appointed by a trade union.
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