Certain insurances are legally mandatory or required by funders. The more common insurance policies are:

Employers’ Liability Insurance

If you employ staff, your business is required to take out employers’ liability insurance with an authorised insurer for all employees, and, potentially, workers providing services to it as well.

Property Insurance

If you operate from a commercial property or even your home, property insurance for business use should be obtained.

Public Liability Insurance

This insurance protects your business from claims brought by any member of the public should your business (including you or any of your employees) accidentally injure themselves or damage their property while working with you or on your premises.

Product Liability Insurance

If your business provides a product this type of insurance is essential, as it should cover you for injury to a member of the public, or damage to their property, caused by the product that has been supplied, installed, maintained, or manufactured by you.

Professional Indemnity Insurance

If your business includes the provision of services, professional indemnity insurance protects your business from mistakes that may be made in providing those services or advice to your customers, who have suffered a loss as a result.

This is not an exhaustive list of insurance requirements and specialist advice should be taken from an insurance broker.

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