Risky Business

ScotiaAccounting  |  29th September

When it comes to business insurance, there are myriad different types to cover an almost infinite list of possibilities.

As a small business, you need to be aware of the types of insurance you must have by law, and also the types that will benefit your company in the long run as opposed to unnecessary expenses.

Employee Liability

If you employ any staff – whether they’re permanent, temporary, contracted, a student or an overseas worker – you’re required by law to pay Employee Liability Insurance.

Employee Liability Insurance pays out if anybody is injured or falls ill through the course of their work for you. It’s strictly regulated, and failure to provide this type of insurance can result in fines of up to £2,500 per day! As an extension of this, you might also later wish to provide private medical or life insurance for your employees, which can usually be linked to a pension scheme.

Public Liability

Protecting yourself against compensation claims and legal fees relating to the injury or illness of your customers isn’t required by law, but really is a must-have for the majority of businesses.

Motor Insurance

This is another one that is most definitely required by law!

If you’re using a personal vehicle for business, you absolutely must make sure that this is covered by your insurance policy.

Property Insurance

Just like your home, it’s very wise to invest in property insurance for your business – especially if your property IS your business!

As an extension of this, many businesses like to add on Business Interruption Insurance. This provides an income (or portion of) for any times property damage causes a case in trading.

Insurance against risk, money insurance and income protection are all also worth considering. You can read more about all types of business insurance on the Association of Business Insurers website.

We work closely with a well renowned insurance company based in Edinburgh so if your require any assistance we can put them in touch with you. Just get in touch with us here.