When considering business insurance, it’s important to think about the cover or covers you might need. Employers’ liability cover is a legal requirement for most UK-based businesses with staff. Public liability insurance is important if you or your employees will be coming into contact with members of the public. Finally, professional indemnity insurance is useful if your business offers advice, such as consultants, accountants and solicitors.
Policies you must have as a small business
There is only one policy you are legally required to have as a small business, and that’s employers’ liability insurance. This is often abbreviated to EL.
Employers’ Liability insurance or employers’ liability cover offers cover for your business in the event that one of your staff members claims they’ve suffered an illness or injury as a result of working for you. In the event of a successful claim, it will cover the legal and compensation costs involved in defending the case.
What happens if you don’t have Employers’ Liability cover?
If you or your business do not have appropriate EL, the Health and Safety Executive (HSE) can fine you £2,500 for every day you remain unprotected.
What about if I am working from home?
Flexible working hours, no daily commute and less stress are just some of the reasons that running your business from your home could be a good idea. But whatever the reason for running your business from home, you need to make sure you have the right insurance in place to cover your business activities at your home address.
Need a business insurance quotation?
Call Nova Insurance on 0800 083 1566 or click here to request a quotation.