Small businesses need protection against a variety of dangers. Unfortunately, if you are self employed or own a small business in the UK as a sole trader or partner, then your personal and business finances are joined together as far as the law is concerned. The 'no win no fee' culture encourages people to file lawsuits for trivial matters, and some people file routine nuisance claims to defraud the insurance industry.
Legitimate claims can occur for even the most careful owners. Clients can trip over equipment and take a bad fall. Products can malfunction, causing property damage or physical injuries. The unexpected is always lurking about to prove Murphy's Law of unintended consequences. Fortunately, UK insurance companies have implemented the most advanced forms of insurance cover in the world to protect against all eventualities. Business owners can pick and choose from cover options to craft a bespoke policy at affordable rates.
Businesses or sole traders who hire other people to work must contract Employers' Liability Insurance or face severe financial penalties. This basic cover protects employees if they are injured while working. The law could also make you liable if employees suffer injury or illness and feel that it was a direct result of work they have performed. Some of the salient points include the following information.
Businesses are advised to keep records as long as possible because some diseases could appear years after exposure, and former employees could make claims for injuries or diseases that only manifest at a later date.
When you supply information to your insurer, your particulars will be registered with the Employers' Liability Tracing Office. If you fail to prove you had insurance cover for a specified period of time, you could face fines of up to £2,500 pounds per day.
Business owners can compare companies, policies, and packages online to locate the best deals. Most insurance companies offer special packages tailored to individual businesses, such as combining EL insurance with Public Liability Insurance to protect against claims of clients. People can also choose options such as tools cover, products' liability, business income interruption, building and contents cover, and many other types of insurance.