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Some forms of business insurance are compulsory in the UK, such as employer's liability insurance. All of the leading insurance companies offer the three main types of business insurance, sometimes tailored to individual requirements.
The insurance covers a business against the event that an employee falls ill or is injured in work-related circumstances. As soon as a business hires people, the company must have Employer's Liability Insurance. The policy must cover the company to a level of at least £5 million and only authorised insurance companies are permitted to offer such policies. The government's own websites on company start-ups provide information on who is permitted to offer Employer's Liability Insurance.
The other important thing to note is that employers can be fined up to £2,500 per day, if they do not take out adequate insurance cover and fined £1,000, if they refuse to display their Employer's Liability Insurance certificate where every employee - and potentially governmental inspectors - can see it.
It is not compulsory to take out a policy, but advisable. Typically, self-employed people such as translators and interpreters, solicitors and accountants, medical professionals, brokers and insurance agents have this type of insurance to protect themselves from claims made by dissatisfied clients. However, the insurance does not protect a company or self-employed individual from criminal prosecution in cases of certain types of negligence.
It does, however, protect a business, when a claim is made for alleged failure to perform all or part of a service, or where a service has been supplied with errors and omissions that caused a financial loss to the client who relied on a company or individual to supply accurate advice or performance of said services.
This type of insurance helps to protect businesses from claims made by a member of the public who has suffered an accident or injury while on the company's premises. It also covers a company against claims from clients whose property was damaged during a visit to the company's premises.
The UK's leading business insurance providers are Aviva, Axa, Hiscox and Morethan. They all offer the basic three insurance types mentioned above.
Aviva offers tailor-made insurance to industry sectors as well as standard business insurance policies as described above. Industry specific insurance policies are for sectors like agriculture, health care, manufacturing, and retail businesses among others. For example, a farmer might want to cover not just farming equipment, but also his livestock, business interruption due to severe weather and his thriving B&B business and an insurance package must reflect this.
Offering Employer's Liability Insurance with a £10 million cover as standard, AXA also offers Public Liability Insurance and Professional Indemnity Insurance tailored to customers' needs. In addition, AXA provides van insurance, residential and commercial landlord insurance, fleet and haulage insurance and shop insurance.
Hiscox offer the three main types of business insurance described above, as well as E-risks insurance and insurance tailor-made for charities, clubs and associations as well as their trustees and principals who are involved in running such types of organisations.
Offer all three types of the above mentioned business insurance in addition to business car insurance, van insurance, office insurance, residential landlord insurance and business content insurance.