By law, any business must have an Employers' Liability Insurance policy if they employ one member of staff or more.
This is to protect you as a business owner in the event there is a workplace accident or injury; should your employee then claim compensation, your insurance will cover the pay-out rather than yourself. Depending on the type of work you do, there are also other types of business insurance that you may require.
If you work from home without any employees, personal accident insurance is recommended, although not compulsory. This is to cover your earnings in the event you are injured and consequently can’t work.
If you work in an office, you may wish to protect the contents of it with insurance, and also look into buildings insurance to cover yourself against issues of damage. E-risk or “cyber” insurance is highly recommended if your business relies on e-commerce, or if your computers contain vital information that could potentially be at risk to hackers, while professional indemnity insurance provides coverage against acts of negligence at work.
Speaking with a small business consultant will help you determine the best type of business insurance for you.
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