Employers
have a legal obligation to carry Employers Liability Insurance which
indemnifies the employer in respect of injury to its employees for which
it is legally responsible. It is generally accepted by members of the
Association of British Insurers that the minimum indemnity limit should
be £10m. An employee is deemed to be any individual under a contract
of service or apprenticeship with the insured, whether the contract
is actual or implied.
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When organising stock and contents insurance it is necessary to
select the range of ‘perils’ which will be covered. It is standard to
arrange either an ‘All Risks’ or a ‘Fire, Theft and Specified Perils’
policy.
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Following a loss of equipment or premises, a business may not be able to trade as normal until a replacement has been made. |
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Public & Products Liability |
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Although not a legal requirement, Public & Products Liability should
be considered essential. Public Liability provides indemnity in respect
of the legal liability for damage or injury caused to third parties
or their property by the company. Products Liability indemnifies in
respect of the damage caused by an inherent defect in a product supplied. |
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A companies commercial insurance requirement is not a subject that can
be covered in an article, due to the complexity of analysing a company’s
insurance requirements and then organising suitable insurance policies,
the advice of an independent and professional insurance consultant is
invaluable. The importance of the correct cover will only become apparent
in the event of a claim – when it is too late to begin thinking
about your needs. |
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