One of the insurances most businesses definitely require is ’employers liability cover’, or EL.  This is a legal requirement for most businesses with staff.   This must be in place as soon as you take on staff i.e. beecome an employer.  The policy you choose must be for no less than £5 million cover and it must be provided by an authorised insurer.   One of the purposes of this cover is to enable you to compenste an employee if they are injured or become ill whilst carrying out work for you, if the nature of that work causes injury or illness for example.  However, if you employ just a family member, then strangely, there is not the same legal requirement for EL.  Neither is there if your employee is based abroad.

Another policy that could be very advantageous at certain times is professional indemnity insurance.  usually abreviated to PI, is a type of cover that helps protect you if something dreadful arises to a business client to whom you offered unsound or wrong advice.  Negligent advice is within that type and professional services such as accountancy, contractors, legal services etc need to have such cover for their everyday functions.  the premiums are generally minimal but the relief you will feel if you find your company in a pickle that needs something sorted out will outweigh anything payable!.