Finding UK Business Insurance

After thousands of business people in northern England suffered from flooding in the summer of 2007 and their investments suffered and flooding in Yorkshire, June 2007, 7,000 businesses was hit by physical and financial devastation and had submitted claims to their UK business insurance.

So if you are thinking of starting a business or already running one, you will realize that UK business insurance is not just a legal requirement, it is eminently sensible.

To find a UK business insurance you should know which are required by law and some by prudence.

Legally Required Insurance � The minimum UK business insurance required by law is risks against third parties and it is the following:

- Employer's Liability. When you start a business with even one employee it is required by law to get Employer's Liability Insurance. UK business insurance providers prescribed �10m as a legal minimum amount to cover injuries, disease or illness sustained in the time of employment.

- Public Liability. This is a UK business insurance that covers your liability for damages if any public (customer or client) sustains an accident resulting in injury, loss of damage to their property for which your company will be responsible.

- Product Liability. This protects you against claims of others for damage to their property caused by products that you have manufactured. This UK business insurance includes the supply of products to other businesses; this type of insurance will also cover legal expenses and the cost of complying with any judgements.

- Professional Indemnity. You can be sued because of poor financial advices or serious flaw on surveying a property. This type of UK business insurance provides protection against clients who believe you gave poor service which they have incurred losses. It is not compulsory. But if your business is offering investment advice in any form, you must have this insurance.

Other Important UK business Insurance:

- Motor Vehicles. If your employees use their own cars or any kind of vehicle for business then it is your duty to ensure they are covered by this type of UK business insurance under their personal policies.

- Directors and Officers Liability. There are instances that the directors of limited companies can be sued. D&O insurance covers individuals for personal liability arising out of a �wrongful act'. Where the company has stumped up the cost on the individual�s behalf.

- Legal expenses. Provides you access to legal advice from the insurance company�s specialist lawyers, covers other contingencies like product liability.

- Credit insurance. This UK business insurance protects you from debtors going bust � you can insure a proportion of your own turnover or any individual account.

- Life insurance. This is necessary if your business supports your family, to ensure that funds were available to pay off debts even without you.

Where and how to buy business insurance?

Most major insurance companies offer �package insurance� for small businesses that cover most of the important contingencies in a single policy.

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