Posted on Aug 19, 2021
When it comes to setting up your own business, the red tape can be overwhelming. Here are the legal-musts and good-to-haves of business insurance…
Whether you’re setting up your own business or have been running one for a while, the subject of business insurance can be fraught. How do you know what is a legal requirement? Which extra covers are worth your hard-earned money, and which are a waste?
Is it the law?
Whether or not you are legally required to have insurance depends on the nature of your particular business, and any regulatory bodies which you must comply with.
What do I need?
In the UK, the law requires that you have Employers’ Liability insurance if you employ any staff – even short-term staff, casual workers or contractors.
You may also find that regulators in your industry require you to have certain types of insurance in order to operate. For example, solicitors, accountants and some healthcare professionals are required to have Professional Indemnity insurance.
What else should I get?
Taking out other business insurance policies can be a sensible precaution, covering you against potential mistakes, accidents, theft, damage and the costs of fighting legal cases. Consider the possible things which could go wrong, and how your personal finances could be impacted if you weren’t insured.
Every industry comes with its own high-risk areas. For example, food and drink businesses could benefit from Public and Products Liability cover, whilst landlords are likely to choose specialist Property Owners’ insurance. If you run a one-man-band, you may want Business Interruption and Personal Health insurance in case you are unable to work due to injury or illness. If you operate a business premises, Office insurance, or a dedicated policy for your industry’s workspace, it’s a good idea in case of accidents and emergencies.
The best way to know for sure what your business’s particular circumstances require is to talk to an insurance broker, who can get to know your business inside out before recommending all the relevant policies for you in one package. Get in touch with Watkin Davies on 029 20 626 226 to get started.
"Very efficient, always friendly and helpful. I have used Watkin Davies for years, and they have always been competitive. I received great support recently when I had to make a claim, so I'd highly recommend them."
"I was very impressed with the quality of the service - it was outstanding. The advisor, Ms Spear went above and beyond to give me the best driving insurance policy. The policy I have received is exactly what I was looking for. Thank you so much Ms Spear!"
"I've used Instructorcover Plus for my driving instructor insurance for a number of years. Not only are prices competitive, even at renewal, but customer service is fantastic. Call operators are always cheerful and incredibly helpful. Everything is always sorted in a single call, saving valuable time. Highly recommend."
"Absolutely superb service from the team, particularly Natalie. Very easy and simple process"
"As aways very efficient"
"I have used InstructorcoverPlus for my driving tuition insurance for a number of years. Their prices are always competitive and everyone I speak to is friendly and helpful."
"Ceri was very helpful and knowledgeable on the phone"
"Karrie Brewer was so helpful today, especially as one insurance company would not quote, so had to shop around for us, many thanks"
"Kelly is amazing. Very helpful and friendly, did a great job today with helping me out to get insured. Amazing service!"
"Great service. Got my first driving instructor insurance with this firm. Price was competitive and customer service provided by Jane was great. I will definitely recommend the service."
"Team were very helpful when it came time to renew my policy, taking the time to check and make any amendments needed. Would highly recommend."
"5 stars!"
"Excellent service from Watkin Davies as per usual. I love the way they do all the hard work researching best quotes and provide you with your options. All the staff are very friendly and professional, I have to highlight Ceri who always does a fantastic job for me and my family."
"Really helpful and efficient customer service, friendly and knowledgeable too. I would highly recommend InstructorcoverPlus."
"I m a returning customer and what a wonderful experience. Emma is new to her role but she was very helpful and polite throughout. She got the quote done very quickly and managed to beat all my other quotations. I therefore didn't have to waste any more time. Further she offered me three instalments at 0% which is helpful in this current economic climate. The paperwork was sent straight away. Highly recommended."
"Once again, could not have been more helpful! Still a pleasure to speak to a 'real person' who knew what they were talking about!"