If you run a business in the United Kingdom, you are , in most situations, required by law to have some type of business liability insurance. It is generally made of many differing types of insurance that are bundled into one policy, and any of these elements may be needed. Usually a policy will include some or all of the features below :
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Public responsibility insurance will cover you for expenses related to injury to a member of the general public as a result of your actions. It can cover folks visiting your premises, or incidents that occur when you are carrying out work on other races premises. It’ll also cover your associated costs, such as legal fees or the NHS reclaiming the cost of surgery treatment ;
Employers’ guilt insurance will be necessary if your business has any workers, including yourself if it is a limited company and you are the handling director.
Product guilt insurance protects against damages paid if a product you supply, produce or refurbish is responsible for injury to folk or damage to property.
Tax & VAT enquiry insurance reimburses you for the price of an inquiry by money & Customs. At first impression it does not appear to provide a huge benefit, but an investigation could seriously have an affect on your business and its income as you may have to pay your accountant further charges, or maybe legal fees.
This will make sure that you get business responsibility insurance that fits your needs, covering those areas which are relevant but not having you pay for cover which isn’t needed.
An expert intermediary is also more certain to be able to supply a tailored policy than a big organisation that takes a ‘one size fits all’ approach, doubtless leading to a more competitive premium.
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