| If you run a business in the UK, you are, in most | | | | - Professional indemnity insurance means that |
| cases, required by law to have some form of | | | | your business is protected against claims that you |
| business liability insurance. It is usually made up of | | | | have damaged another business or caused them |
| several different types of insurance that are | | | | to make a financial loss through a mistake or |
| bundled into one policy, and any of these | | | | negligence; |
| elements may be required. Typically a policy will | | | | - Tax & VAT investigation insurance |
| include some or all of the features below: | | | | reimburses you for the cost of an investigation |
| - Public liability insurance will cover you for costs | | | | by Revenue & Customs. At first glance it |
| associated with injury to a member of the public | | | | doesn't appear to offer a huge benefit, but an |
| as a result of your actions. It can cover people | | | | investigation could seriously affect your business |
| visiting your premises, or incidents that occur | | | | and its income as you may have to pay your |
| when you are carrying out work on other peoples | | | | accountant additional fees, or even legal fees. |
| premises. It will also cover your associated costs, | | | | The cost of the business liability insurance will |
| such as legal fees or the NHS reclaiming the cost | | | | depend on the type of industry your business is |
| of hospital treatment; | | | | in, the size of it and the way it is organised. As |
| - Employers' liability insurance will be required if | | | | these policies cover a number of different areas, |
| your business has any employees, including | | | | you should get advice from an insurance specialist |
| yourself if it is a limited company and you are the | | | | before buying. This will ensure that you get |
| managing director. It covers you against | | | | business liability insurance that fits your |
| compensation claims made by or on behalf of | | | | requirements, covering those areas which are |
| employees who are injured or made ill in the | | | | relevant but not having you pay for cover which |
| course of their work; | | | | is not needed. A specialist intermediary is also |
| - Product liability insurance protects you against | | | | more likely to be able to provide a tailored policy |
| damages paid if a product you supply, | | | | than a large organisation that takes a 'one size fits |
| manufacture or refurbish is responsible for injury | | | | all' approach, possibly resulting in a more |
| to people or damage to property. It could also | | | | competitive premium. |
| cover any associated legal costs; | | | | |