August 17th, 2017.

Whether you are a business owner, an independent professional or self-employed, getting small business insurance can help to protect you and your company against unexpected costs. There is a wide range of insurance products available offering varying degrees of cover, so ensuring that you have the correct amount and types of insurance for your business is incredibly important. 

Compulsory insurance

Some types of business insurance are required by law. If you are an employer, you are legally required to have Employers’ Liability Insurance which covers the cost of compensating employees who are injured or become ill through work. This type of insurance will not only cover the cost of compensation to your employee but also the cost of any associated legal fees. The cost of this cover will depend on the nature of the business, the number of people employed and your previous insurance claims history. It is important to make sure that as a responsible business owner, you shop around to get the best cover for your business. This should include the policy that is most appropriate for your business and not just be based on cost.

Many businesses use motor vehicles to travel around in and deliver or pick up products. A vehicle that is used for a business is just like a personal vehicle in that it is a legal requirement to have motor insurance. The minimum amount of cover needed is ‘third party only’, which covers the cost of injuries and damage to other vehicles, although most will choose to cover the costs of damage to your own vehicle as well. If your business involves employees driving company vehicles then make sure that you have them covered – it is required by law.

If your employee drives their own vehicles while working for your business, you are not obliged to pay for their insurance, however it is advisable to ......

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