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Insurance
1. Compulsory Cover
As soon as you start a business, you have legal obligations to your employees, to your customers and to the general public.
1.1 All businesses except those only employing close family or where the owner is the only employee must purchase employers' liability insurance.
This covers you against claims from employees for accidents or sickness they may suffer as a result of working for you.
- By law you must have cover of £5 million, though most policies now automatically provide £10 million cover.
- You must exhibit a Certificate of Employers' Liability Insurance at each place of business or provide all affected employees with access to an electronic copy of the certificate (such as on your company intranet). It is advisable to keep it after it has expired.
1.2 It is compulsory for you to have motor vehicles liability insurance.
- All vehicles used on the road must be insured for third-party liability, at least.
Labels: Small Business Insurance
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