17. Do you need insurance?

Insurance you must have and insurance you should consider having.

Business insurance you are required to have

If you are an employer, Employers Liability Insurance is a legal requirement and covers the cost of compensating employees who are injured at or become ill through work .

If your businesses uses vehicles, Commercial Motor Insurance is a legal requirement.

If your business provides advisory services (eg solicitor, accountant, financial adviser), Professional Indemnity Insurance may be required by your professional body or regulator. You should also consider this to protect your business against claims.

Business insurance to consider

Commercial Property Insurance covers costs of repairing or rebuilding your business premises or replacing your stock or equipment.

Liability Insurance, which includes Public Liability, Product Liability, Directors’ and Officers’ Liability, covers the cost of compensation claims following fault or negligence brought against you or your business

Cyber Insurance covers you for losses relating to damage to, or loss of information from, IT systems and networks.

If you work from home

Your insurer should be informed of your business situation, for example if you store stock or equipment. Other relevant insurance may be professional indemnity insurance if you offer online services or handle client data, and public liability insurance if you have clients visit your home for meetings.

Visit the Association of British Insurers website for full details of insurance for self employed or small businesses.