It's easy to think that bad things happen to other people but in reality incidents happen to the best of us. So what insurance do you need?
Let’s start with employers’ liability insurance.
As an employer you are responsible for the health and safety of your employees while they are at work. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you have a minimum level of insurance cover against any such claims.
Liability insurance covers business owners, independent professionals and self-employed people against the cost of compensation claims made by employees. But, you do also need to consider potential claims made against you by members of the public.
What about product liability insurance?
If your business involves manufacturing, designing or selling products, you need this. It covers the cost of compensating anyone who is injured by a faulty product as your business could be held legally responsible for any injuries to people or damage to property caused by a faulty product.
Insuring where you work
Once you operate from your own space, you will need to invest in a couple of policies to protect your business. Property Insurance covers you in the event of a fire, flood or theft. However, if you own the building you will need Property Owners’ Liability Insurance as this meets any costs/damages awarded if a member of public suffers injury following an accident on, or linked to, your premises.
Finally, what about business continuity planning?
You need to identifying parts of your business you can’t function without such as IT, stock, premises, staff and plan how to carry on if an incident occurs.
Any incident can cause disruption to your business, but with foresight you can ensure your business continues to function in the quickest time possible.
The moral of the story is plan for the worst and ensure you have the right cover in place.
For more information visit www.fsb.org.uk/join or call 0808 1688 512 to chat with one of our team quoting NWC1.