Insurance is a crucial yet complex aspect of running of business. Having worked closely with a wide variety of businesses and trusted partners for many years, we can provide the reliable insurances and advice every business needs to protect themselves and stay up and running, even when things don’t go exactly as planned.
Public liability insurance
If your company interacts with members of the public in any way – for example if customers visit your premises, or you deliver products directly to their home – you need public liability insurance. Even sole traders who work from home should consider this type of insurance if they conduct meetings with clients in their homes.
Ultimately, public liability insurance protects you in the event that a member of the public is injured or their property is damaged as a result of your business. If someone were to take you to court, even for something as minor as a small scratch on a vehicle, you would be required to pay legal fees and a settlement if found to be at fault. Public liability insurance covers all of these expenses.
Professional indemnity insurance
Designed to protect you against claims made by unhappy customers, professional indemnity insurance is crucial if your business provides any type of professional advice or services to other businesses. For example, if you were to make a mistake which caused undue expense to your client, they may want to push for compensation for those expenses. Even if you haven’t done anything wrong and a client’s claims are found to be unsubstantiated, you will still incur legal costs when defending yourself. Professional indemnity insurance will cover these costs as well as any compensation you are liable for.
Employer’s liability insurance
Under current UK law employer’s liability insurance is compulsory, so you must take out a policy as soon as you employ somebody. This type of insurance protects you in the event that an employee suffers an injury or illness as a result of working for you. It will cover the cost of their claims for damages as well as legal fees involved in dealing with the claims. Failure to get correct employer’s liability insurance from an authorised insurer can incur fines of £2,500 for every day you’re not insured. If you don’t display your current EL certificate or refuse to show it to inspectors when asked, you could also face a £1,000 fine.
The law recently changed in the UK regarding pensions, meaning that now more than ever businesses need to be clued up on their responsibilities when it comes to providing pension schemes for their employees. Luckily, pensions are a major aspect of our accountancy practice and we’re here to help you navigate through this complex area.
New automatic enrolment regulations are forcing most employers in the UK to put a qualifying workplace pension scheme in place and automatically enrol all qualifying workers. They must also make contributions to their employees’ pensions in each work period. No matter if you have a large team of workers, or you simply have a personal assistant, you are an employer and you’re bound by the very same pensions obligations.
Failure to comply with the new pensions regulations could result in a £400 fixed penalty notice, or an escalating penalty notice which could incur fines of tens of thousands of pounds. If you’re unclear on your responsibilities as an employer or need some advice on implementing the right pensions scheme, we’d be happy to help.
Commercial and property insurance
High quality property insurance will protect not only buildings from fire, storm or flood, but its contents too. It’s not just for property owners, either – those renting their home should also ensure their possessions are protected from damage. Many are pleasantly surprised at how affordable property insurance is, particularly when they know that it covers all of the essential possessions they worked so hard to buy.
For businesses too, property insurance is essential. No matter if you’re a small to medium business, a sole-trader working from home or landlord looking to protect your portfolio, we can offer you insurances and advice to ensure your business keeps running, no matter what’s round the corner.