Being adequately insured is essential, no matter how robust your security or safety processes. Some insurances are compulsory whilst others are optional.
- Almost all employers must have employers' liability insurance, which provides protection against claims for accidents or illnesses employees suffer as a result of work.
- If your business uses vehicles, you must at least have third-party motor insurance (although fully comp is more advisable).
- Professional indemnity insurance which provides protection against legal action taken by those who believe they have been given bad advice is also compulsory for some businesses in the legal, accountancy and financial service sectors.
Most other types of insurance policy are optional. Although they provide another overhead, they can help you to survive should your small business be faced with an unforeseen crisis.
For further advice on insuring your business and premises, visit the Start Up Donut Insurance Business Guide.