| From large multinational corporations to fledgling | | | | component of business liability cover if members |
| start-ups, businesses across the world are | | | | of the public or customers are allowed on to your |
| attempting to reign in their budgets in order to | | | | premises. This covers damages your firm may |
| remain afloat during the current economic | | | | incur should a member of the public suffer an |
| recession. However, in the flurry to cut costs, it's | | | | injury caused by you or your business, including |
| possible that some corporate priorities may fall by | | | | legal fees and hospital costs. Product liability |
| the wayside. Business insurance, for example, is in | | | | insurance, on the other hand, applies to any |
| danger of becoming one of the great casualties | | | | physical products that are sold by your company. |
| of the downturn, as corporations forgo certain | | | | It's crucial to remember that you're legally |
| levels of cover in order to reduce the premiums | | | | responsible for any damage or injury that a |
| they pay. | | | | product supplied by your firm may cause; this |
| However, whilst periods of business uncertainty | | | | type of insurance covers you for any damages |
| can be the ideal time to assess whether you're | | | | that may be awarded to successful claimants, as |
| getting the most from your current business | | | | well as hospital treatment costs the NHS is |
| insurance provider, actually downsizing the level of | | | | entitled to recoup. |
| protection surrounding your firm is unlikely to be | | | | Other types of cover that may be included within |
| the wisest economic move - particularly if you're | | | | business liability insurance [ includes insurance |
| faced with a large scale data theft or a legal | | | | against pollution damages, professional indemnity |
| battle with a former employee. Business liability | | | | insurance and tax and VAT investigation insurance. |
| insurance in particular is something that companies | | | | However, depending on the size of your business |
| need to maintain; not only is this a UK legal | | | | and the services you offer, it's possible that you |
| requirement but it's also a crucial safeguard in an | | | | may not need all of these safeguards. |
| unpredictable economic climate. | | | | If in doubt, it's important to seek specialist advice |
| There are several components to consider when | | | | before purchasing business insurance. This will help |
| building up comprehensive business liability | | | | you reduce any unnecessary aspects of your |
| insurance, the most important of which is arguably | | | | business liability cover - for instance, if you only |
| employers liability insurance. This type of cover | | | | employ close family members or your firm is not |
| makes up the cost of damages or legal fees that | | | | a limited company, you may not need employers |
| may have to be paid if an employee falls sick or | | | | liability insurance. What's more, if your business |
| suffers an accident due to employer negligence. | | | | liability insurance policy is up for renewal, insurance |
| Employers liability insurance must cover all your | | | | comparison websites and resources could be |
| employees in England, Scotland, Wales and | | | | invaluable in helping you find a new deal - so you |
| Northern Ireland and each employer must be | | | | could lower your business liability insurance |
| insured for at least £5 million. | | | | premiums without compromising on the level of |
| Public liability insurance is another paramount | | | | cover you enjoy. |