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Employers’ liability insurance and motor insurance are the only compulsory
insurances that a business is required to purchase by law”
made directly against you personally for decisions or actions you take as part of your duties. It should cover you for legal costs as well as any compensation awarded.
2) Intellectual Property: if you operate in the field of innovation and rely on patents, trademarks or designs.
3) Product liability cover: it's a good idea to have product liability cover if you make, repair or sell products, since you could be held liable for any injury or damage caused by defects in those products.
4) Key person insurance: if your operation would be hard pressed to keep going should you, or another employee, become incapacitated or die, key person insurance protects the business while a replacement is found.
5) Business continuity insurance: protects against any disruption, such as a major catastrophe, that could lead to loss of revenue.
6) Plant and business equipment cover: you can insure critical machinery against damage or theft.
7) Goods in transit insurance: when you shift large amounts of stock around you’re vulnerable to accidents and theft. This gives you protection against those eventualities.
8) Pollution risk insurance: if you’re involved in manufacturing and there’s any risk you might pollute the environment, this covers clean up costs, and claims against your company.
9) Tax Investigation Insurance: dealing
with an HMRC enquiry can be long and complicated. This insurance could cover the expense associated with such an event should it come to pass.
10) Income Protection Insurance: if you work as a contractor through a limited company, your income could be at risk if you’re unable to work because of illness or accident. This type of policy can give you some level of income in the long or short term.
This is by no means a
comprehensive list. 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.
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