If a business doesn’t have specific business insurance, they could find themselves on a sticky wicket.    It’s a subject that often gets overlooked because the business owner gets overwhelmed with the jargon and business-speak.   For some businesses, operating without specific business insurance is illegal but that doesn’t mean a party should buy insurance just because of the legal requirement.  There is often a corporate insurance that a business could benefit from instead.  Without purchasing adequate and applicable insurance however can lay the company liable to a very large and worrying compensatin claim if the worst happens.

So what type of business insurance is legally compulsory – certainly if your company employs staff then it is a requirement to hold employer’s liability insurance.  That is the case if you have any other employee apart from yourself.  That is also the case whether they are unpaid volunteers or students on intern or work experience placement.   The employer’s liability insurance covers compensation costs in varius cases.  One example would be if an employee becomes ill or is injured as a direct result of an occurrence at your works.   Supposing an employee slips or trips up on uneven flooring or spilled liquid on the floor.  That insurance would cover it financially.  If your business operates any motor vehicles, there will be a need for at least third party motor insurance to be in place.