Professional Indemnity Insurance

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Do I have to have business insurance?

All UK-based businesses that employ one or more staff are legally required to have employers’ liability insurance covering a minimum of £10m. This covers you if an employee has an accident at work or becomes ill as a result of working for you. The legal obligation to have employers’ liability insurance applies even if your employees are voluntary, casual or temporary. However, this law does not apply to immediate family members who work for you.

Apart from the aforementioned regulations covering employers’ liability insurance, there’s no obligation for businesses to have any insurance, and as the expenses involved in setting up a business mount up, it may be tempting to skimp on insurance. But as well as helping you avoid the risk of losing it all, business insurance helps you to maintain a stable, safe business – it’s good practice and provides reassurance for employees and clients alike. In fact, business insurance is often required to secure contracts and many trade organisations now insist that their members are properly insured.