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What liability insurance is necessary for businesses?

What liability insurance is necessary for businesses?

Business liability insurance comes in a huge variety of types, to cover an ever-growing variety of risks, some general, some more specific. But which types of liability cover are essential for businesses?

Employer’s Liability Insurance

The one type of insurance which is a legal requirement for nearly all businesses (who employ any staff) is employers liability insurance. Employers liability insurance is required in most cases including where staff are only employed on a part time, casual temporary or work experience basis. In most cases, if you use self employed sub-contractors within your business, you will require employer’s liability for them as well – unless they are classed as ‘bona-fire’ subcontractors, in which case they will usually cover themselves. Limited companies with more than one director will also require employer’s liability – even if they only have close family members on the staff.

Public Liability Insurance

Whilst not a legal requirement, public liability insurance is often required contractually - if you are dealing with Local government contracts for instance. It is also often needed if you are trading from a market or trade stand at an event for example. For any business who comes into contact with the public (which is pretty much every business), has members of the public coming to their premises, or if you work in other peoples houses or businesses, you would be unwise to decide that you do not need public liability insurance. It is worth considering, as an example, how you would be able to afford to meet the cost of a compensation claim against you without it.

Product Liability Insurance

Once again, products liability insurance is not a legal requirement for businesses. This type of insurance would protect you against claims for personal injury or property damage caused by a product which you have made, designed or supplied. It is worth bearing in mind that in such cases, any claim against you could be very expensive, and lead to a loss of income.

Professional Indemnity insurance

Although again, not a legal requirement, Professional Indemnity Insurance can often be required if you have membership to any trade or professional body or association. It is important cover for businesses who give advice or provide a professional service to clients such as surveyors, architects and solicitors. Professional indemnity insurance would provide cover in the event of a claim against you for professional negligence or if a client suffers financial loss because of work you have done for them.

For more information on any of the above or to speak to someone to arrange a quote for insurance which is specific to your businesses needs, get in touch with us.

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