Whatever we do within your business operation, be it large or small, there are some items we have to put in place as an absolute minimum to make trading safe and legal. Business insurance is one of those topics where you definitely ‘need to know’. After a catastrophe, a collaping building or break-in for example, the old pleading of ignorance of the need for insurance does not cut it these days. The risks of losing it all because of a tiny cost saving doesn’t bear contemplating. The absolute minimum requirement for any organisation employing any staff, even one member, would be Employers’ Liability – this covers for claims if an employee is injured or harmed on your premises or when carrying out work for the company. Public Liability is also vital if your company business involves contact with members of the public – who may claim if they are injured or harmed by something your company has done or had done to it that involved them. There ae many othe types of insurance but another is Professional Indemnity which is essential if your business offers advice or professional services to other businesses. Or if you deal with clients’ intellectual property. If your company makes an error and causes your clients to lose money or other misfortune, they are very likely to sue your company for damages. Many professional bodies and usually their regulators, require their members to hold this type of policy, especially for surveyors, accountants, architects and other types of services where a wrong suggestion or advice can be enormously costly.
