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Business insurances
Professional Indemnity Insurance.
Professional Indemnity insurance covers your business from claims against it by clients who have suffered financial loss as a result of using your services. Your insurance would cover compensation claims by your client along with all reasonable costs relating to the defence of the claim, such as legal fees.
Public Liability Insurance.
Public Liability Insurance can cover your business for damages and compensation payouts along with any related legal fees in the event that your business has caused injury or death to a member of the public or damage to their property.
While it is not a legal requirement to have Public Liability cover, most businesses are expected to have a minimum cover of £2m. Companies operating without it may find it more difficult to do business.
Employers’ Liability Insurance.
Employers’ Liability insurance covers you and your business for any claims against you arising from employees who have been injured at work or experienced illness as a result of working for you, and where the fault lies with you. It also covers you for expenses in legal cases against your business taken by employees.
Holding this type of liability cover means that your business is able to pay any compensation claims by staff without compromising its financial stability. However, if your business does go into liquidation or receivership, holding the cover means that your employee can still claim and be paid damages.
FLB are unable to advise on the insurance, but if you would like to speak to someone, we can provide a list of companies that provide this insurance.
