It is important to understand that many insurance policies that we recommend are not actually “legal requirements” but are there to ensure you and your business are well protected. The exception to this is Motor Insurance and Employers’ Liability Insurance.
If you use your vehicle for anything to do with your business and have not notified your Car Insurers, your insurance policy may be invalid. We recommend you have Class 1 Business Use which will cover you as the proposer for things like travelling to events and collecting stock. If you’re caught driving a vehicle you’re not insured to drive, the police will hand out a minimum of a £300 fine and 6 points on your driving licence.
Under the Employers’ Liability (Compulsory Insurance) Act 1969, it is required by law to insure any employee against liability for injury or disease. You will require Employers’ Liability Insurance at minimum indemnity limit of £5,000,000.
On the contrary to what many people believe, public liability insurance is not compulsory by law, however is strongly recommended to protect business owners from significant compensation costs and to satisfy contractual requirements.
It’s up to you to decide whether your business needs public liability insurance, although it’s worth thinking about whether you could afford to meet the cost of a compensation claim if your business was sued and you didn’t have cover.
It is worth pointing out that not all policies are built the same! Many artisans will arrange Public Liability Insurance online just to satisfy the requirements of an event’s organiser, assuming that this will cover them should the worst happen. But did you know that Public Liability Insurance alone will not cover you for any claim relating to the produce that you’re actually selling? This means that should a customer take legal action against you for say food poisoning, you could be liable to pay a hefty legal bill.
Our approved scheme includes:
- £10 Million Employer’s Liability (Optional)
- £5 Million Public Liability
- £5 Million Products Liability (Inc. Food Poisoning)
- £5m Pollution and Contamination (Increasing to £10 Million where required by contract or regulation)
We understand that every business is unique so unlike many insurers, our policy covers a very broad range of business activities so just let us know what you planning on doing and I’m sure we can accommodate!
Why choose Coversure Insurance Stamford?
Awarded the 2019 Local Broker of Year, Coversure Stamford is run by my brother Gareth and I with a key focus to serve experienced professional advice with a personal service. It’s no exaggeration to say we were born into the industry. Our father, Mark Coverdale, founded Coversure back in 1986 and when we were offered the chance to join the family firm – Gareth in 2001 and me in 2007 – we jumped at the chance. Since then we have worked in everything from insurance underwriting and broking, to sales and operations so you can be sure your affairs will be in safe hands.
Whether you need to arrange an insurance policy or just need some free insurance advice, please do not hesitate to call.