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Don't be caught without liabilty insurance

It doesn't take much for someone to sue your business these days and, if they have a case, it could prove disastrous for you. Liabilty insurance is the only way to protect you and your business from a payout that could potentially run into millions and finish your company.

If your business employs anyone outside your immediate family, it's a legal requirement that your purchase employer's liability insurance. This protects you from claims made by employees for injury or illness suffered whilst working for you. It also enables employees to claim for injuries sustained due to the employer's negligence, even if the business goes into liquidation or receivership.

If you're a business owner with employees outside your family and you fail to have employer's liability insurance you risk a £2500 fine from the HSE for every day you're in business without it in place.

Public liability insurance is not a legal requirement for businesses in the UK and Ireland, but in many cases, it's a very good idea to have it in place. It covers a wide range of risks including death, bodily injury and damage to their property, as a result of your business. Cover also extends to products from your business that may cause death or bodily injury to members of the public from their use.

Needless to say, claims made for death or serious bodily injury against your business have the potential to run into silly numbers. Is it really worth risking the future of your business by not having public liability insurance in place?

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