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What insurance cover does my business need?

The Compulsory Insurances:

Do you have any employees or more than one director of the business? Or do you engage any labour only subcontractors?

If yes then you are legally obliged to have employers’ liability insurance.

  • Do you own, lease or hire any vehicles?

If yes you are legally obliged to set up motor insurance to cover third party damages, as a bare minimum.  You can opt to extend this to cover damage to your own vehicle too.

  • Do your contracts have an insurance or indemnity section?

If so then legally you will be obliged to meet these obligations. We can discuss with you what the contract requires insurance wise and steer you to the relevant covers.

  • Will you clients expect you to evidence that you have insurance?

If they will then normally they will require proof of public liability & professional indemnity (where relevant)

  • Will you be tendering for governmental/ council contracts?

These organisations normally require proof of insurance before you can be considered as a potential contractor.  The limits required by councils and governmental bodies can vary considerably.  We can assist you with these insurance requirements, and can even complete the insurance section of the tenders for you.

  • If you have equipment which falls under the following categories you will legally be required to have it inspected periodically:

Lift/Crane Plant -Includes fork lift and pallet trucks, passenger and goods lifts
Pressure Plant - Includes air receivers and compressors, heating boilers
Power Press - Includes power presses, guillotines, injection/blow moulders
Local Exhaust Ventilation - Includes spray booths, fume cupboards, shot blast cabinets
Electrical & Mechanical - Includes control panels, alternators, refrigeration plant, gearboxes

We are able to provide you with a guide on which equipment types need compulsory inspection under the H & S Regulations, the frequency of these inspections and associated costs.

The ones that aren’t compulsory, but could save your business in the event of the unexpected:

  • Do you provide any advice to your clients?

If yes, then we would recommend you obtain professional indemnity insurance to protect you in the event of allegations of mis-advice.

  • Do you undertake work anywhere with public access or on third parties sites?

If so it would be recommended that you take out public liability insurance to cover you against third party property damage or bodily injury claims.

  • Have you invested money in tools, fixtures and fittings and contents for your premises or purchased the premises yourself?

If so these again can be protected by adding a property section of your policy.

If you take items out and about with you we would also suggest you cover them on an all risks basis, to protect them outside the premises.

  • Do you hold stock at your premises?

If so can you can protect your stock against damage under the property section of your business insurance

  • If you had a fire at your premises could you carry on trading, without the risk of losing your clients?

If not, then please call us and we will talk you through business interruption insurance & loss recovery services.  These can protect your income and help you get back on your feet faster following a property claim.

  • Do you transport any of your goods, either in your own vehicle or using a third party courier?

If so you may want to consider Goods in Transit Cover to protect those items against loss or damage during transportation.

We can also help you source marine cargo insurance if you are transporting goods overseas.

  • Do you hold any money?

If so money covers would be recommended to cover it against theft.  We can advise on you on how much you can hold, and whether or not your insurer will need you to use a cash courier service to transport the money to the bank.

You may also want to consider a Fidelity Guarantee or Employee Dishonesty Policy, which would protect you if any employee stole funds from the company.

  • Do you transact business online, or hold any personal client data?

If so we would strongly recommend a Cyber Insurance policy that can help you following a data breach or internet hack.

  • If you are held personally liable for a business decision you make as a director/ owner of the business, could you afford the legal fees, or would your personal assets suddenly be on the line?

If not you can cover your personal liabilities under a directors and officers or management liability policy.

  • Do you travel overseas for work, or do any of your employees?

If yes then we would suggest you consider a Travel Insurance to cover unexpected medical bills etc.

For further information, please contact a member of our Insurance Team to the right of this page.