Company Insurance Requirements Uk
Business insurance policies you should have professional indemnity pi insurance.
Company insurance requirements uk. Regardless of what your company does every business in the united kingdom that employs one member of staff or more is required by law to have an active employers liability insurance policy in place according to the employers liability insurance act 1969. The body which regulated the uk financial services industry the financial services authority fsa was replaced by two new regulatory bodies. Here we take a look at the most common limited company insurance requirements. You can look for an insurance broker online or find more information about employing staff on gov uk.
There is no legal requirement to take out any kind of business insurance when you set up a uk limited company. Main types of business insurance for limited companies. Of course all insurance providers weren t created equal. If you are part of a recognised profession check with your industry body what insurance policies they insist or recommend you hold.
Examples of where this type of insurance would cover you include. So look for one that offers cover that s tailored to your specific business needs and can give you flexibility as your business grows. Public liability insurance is a key cover for many businesses as it can protect you if someone is injured or their property is damaged because of your business. For example solicitors are required to carry an insurance policy in order to practice law.
However you must be adequately insured if you employ people other than yourself and family members you own commercial premises operate company vehicles are part of a recognised profession your business activities present a potential risk to individuals and or the property of. Some of what is available is a legal requirement while other policies are. In 2013 the government implemented wide ranging reforms to the way the financial services sector including insurance is regulated. You must get employers liability el insurance as soon as you become an employer your policy must cover you for at least 5 million and come from an authorised insurer.
A pl policy will protect your limited company from claims for damage to property or injuries caused by you or your employees to others whilst on company business. Your limited company insurance requirements depend on the type of ltd company you run and the risks you face. However you may find that regulators require you to have certain types of insurance in order to operate. The only type of business insurance that is mandatory under uk law is employers liability cover which is a legal requirement for most businesses that employ staff even on a casual basis.
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