Almost on a daily basis we have businesses approach us for a quotation who have either never had insurance cover or have gone for a period without it.
This may surprise many people who read this post who would dare not imagine putting their customers or indeed their business at risk. However, those companies that we speak to, who are uninsured, believe insurance is an “unnecessary expense” and “have not needed it before, so why would we need it now.” Of course it is good that any company would not need their insurance, other than as peace of mind. Using the insurance policy would perhaps mean that an accident has occurred or a claim raised against your business, but not purchasing insurance on this basis is dangerous and could lead to costs, fines and ultimately the closure of your company when the worst does occur.
Other than just protecting your own business it will ensure you can pay for the costs of claims made by the public and contractors protecting your professional reputation.
Should you employ anyone or use labour only sub-contractors it is a LEGAL responsibility to have Employers’ Liability Cover in place. Which whether there is a claim or not can lead to significant fines against an organisation if the cover is not in force.
When 99% of all private sector business is made up of small to medium sized enterprises it is vital every business carries the correct insurance cover. It is not an “unnecessary expense” but something which could be the difference between continuing to trade and closing for good.
At Sharrocks we have significant discounts with some of the UK’s leading insurers and in the months ahead we will be promoting our business insurance product line and expertise.
So the question you should be asking is can I afford for my business not to be insured?
For more information about the Employers’ Liability requirements for business please follow this link Employers’ Liability (Compulsory Insurance) Act 1969