Going into Business? Consider Professional Indemnity Insurance
Even though you might not be planning to start hiring now
, it's more than likely that the future will see you grow and new employees coming on board. If you think employing others is going to be a prospect in the foreseeable future, arranging employer liability insurance will bring protection against a claim made by a member of staff resulting from injury they may suffer in the workplace. It is a legal requirement for you to have some cover and hefty fines can be levied in the event that your company is not protected.
Assessing the risk of your business will bring an estimation of what a policy will cost. The expense of a premium for an office-based environment will be substantially lower than that of a building site because of the differing levels of risk in each sector. Employers' liability insurance is personal to your organisation and you should treat it seriously.
Professional indemnity insurance protects you financially against legal claims from your clients should they believe you are accountable for negligence or low-quality products and services. Additionally, you are also protected against claims related to intellectual property. For example, as you start out in business, you may create a product that is already patented by another company, resulting in a costly lawsuit and towering legal costs that you can't justify.
This type of cover is applicable to different levels; it depends on how comprehensive a policy you require. The amount that your business could be protected varies between 5 million and 10 million. With some policies even extending to offer legal advice as you prepare to fight a case, the support this type of insurance will bring should not be underestimated.
Public liability insurance is a vital part of any business, also. If you allow customers to visit your premises, you need to ensure that health and safety is something you address as soon as you begin to operate. Without this type of protection, the cost of claims concerning medical expenses should a member of the public be involved in an accident or injury at your place of work could be astronomical, as well as damaging to your reputation if the claims are made public.
It might seem like a daunting expense, but policies are often more reasonable than you think. Remembering what they will protect you against could also incentivise you to get a strong amount of cover, as it is an investment for the future.
Going into Business? Consider Professional Indemnity Insurance
By: Jackie Arnold
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