A business involves a lot of risks especially if it has been established recently. Any loss in the business affects many people associated with business. Before associating themselves with the business, customers often ask if the business is insured against any loss as they generally don’t want to take any risk. If a business which is not insured causes any damage to other people, they are responsible and hence liable for the same.
In UK almost every business goes for Public Liability Insurance. Like this a business is not liable to make the payment in case any damage is caused to the public by any means by the business.
Professional indemnity insurance sets you free to provide any advice without having a risk of making payment due to loss caused by advice given by you.
Insurance for employers is must as they are at higher risk. Employers liability insurance protects an employer in case an employee falls ill or is injured during working hours.
2 comments:
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