Insurance

Every business should give proper attention to insurance matters. Investors and lenders as well as management and employees need to know that if a crisis occurs the appropriate insurances are in place to help overcome the difficulties. In other words ensuring that the business is as sound and secure as possible.

The insurance carried by each business will be based on commercial considerations including the level and likelihood of expansion as well as the cost of premiums but Employer's liability cover is required by law. Regular advice should be obtained from brokers on the essential and the desirable cover required having regard to the nature of your business.

A good starting point is the guidance available on the Business Link website "Get the right insurance for your business."

Employers who fail to take out compulsory insurance cover to protect their employees risk prosecution for breach of Section 1 (1) of the Employers Liability (Compulsory Insurance) Act 1969 which states "Every employer carrying on business in Great Britain shall insure, and maintain insurance, under one or more approved policies with an authorised insurer or insurers against liability for bodily injury or decease sustained by his employees."
 

 


All PBS information sheets are designed to provide the detail you need to implement best business and employment practices. They are not a detailed commentary on the current law and where advice is needed in a specific case you should contact PBS for expert consultation.