YourBusinessWithJamesCaan2016 - 109

INSURANCE

■ In the event of a legal dispute

involving an employee or supplier,
will all your legal costs be covered?
■ What payment options are on offer?
■ Does the policy come with extras such
as advisory support?

THE ESSENTIALS

Every business needs to take out certain
insurance cover to comply with the law.
Not all of the following may apply to
your business, but some of them will, so
make sure you're aware of your legal
insurance requirements...

EMPLOYERS' LIABILITY

Most businesses need to take out this
kind of cover in order to comply with
the Employers' Liability (Compulsory
Insurance) Act 1969. Basically, it covers
you and your staff against injury or
illness as a result of the work
undertaken in your employment.
Ensuring you have this cover will offer
you protection against any potential
claims from employees.
To be classified as an employee, an
individual must be employed under a
contract of service or apprenticeship.
You need to take out employers' liability
insurance for such employees, but keep
in mind the contract doesn't have to be
written - it can be spoken or implied.
The mandatory employers' liability
insurance must be for at least £5
million of cover. Failure to obtain this
cover can result in the Health and
Safety Executive (HSE) issuing hefty
fines - up to £2,500 for every day you
are without suitable insurance. You
could also be fined up to £1,000 if you
fail to display or make available your

Don't think you
can skimp on
insurance - there
are hefty fines if
you don't comply

certificate of insurance to HSE
inspectors.
There are some exceptions to this.
Companies that only employ their
owner, and where he or she also owns
50% or more of the issued share capital
in the company, are exempt.
Also, you don't need employers'
liability insurance to cover any of your
employees who are based abroad and
spend less than 14 days continuously
in the UK.
However, you should check whether
the law in the country where they are
based requires you to take out insurance
or employ any other measures to
protect your employees.
Family businesses, where all of your
employees are closely related to you,
may not need employee liability
insurance. However, if your family
business is incorporated as a limited
company, the rule still applies.
If you think your company may be
exempt, it's best to check with the
authorities before opting out of
employee liability insurance to avoid
potential fines. For more information
see the HSE website at hse.gov.uk

PROFESSIONAL INDEMNITY

Some industry-regulating bodies
require professional indemnity
insurance (PII). Accountancy,
engineering and surveying are all
examples of professions requiring
PII, but you could also need it if
your business offers advice in a
professional capacity.
Whether this be IT, health and fitness
or a service - a photography studio, for
example - you'd be wise to get cover to
protect your business against claims
from unhappy clients, which could
have devastating consequences for
your business.
If a claim is brought against you,
you could be faced with a compensation
payout that could cripple your business.
Professional indemnity insurance
should cover your compensation costs
as well as any legal spend, so it's a vital
consideration for any new business.
PII covers
■ Professional negligence
■ Dishonesty
■ Loss of data/documents/
goods/money

JAMES SAYS
Reading the small print
is imperative when
buying insurance and
attention to detail is
crucial, as is making
sure you have the right
level of cover. You can
be over- or underinsured - either way it
will prove costly
■ Unintentional breach of copyright

and/or confidentiality

■ Defamation and libel

BUSINESS MOTOR VEHICLES

Whether you use a battered old van or a
fleet of cars, motor vehicle insurance is
essential. Standard policies cover only
social and domestic use, but if you're
going to be making trips to see clients
a different level of cover is necessary.
This is due to the fact that you're
more likely to drive further and at
busier times than usual, and therefore
your potential risk of a claim increases,
so if you use your own vehicle for
business purposes, you must inform
your insurer so it can change your cover
to match the new circumstances.
When it comes to getting quotes for
your business car insurance, as well as
the usual information required (your
age, model of car, profession and claim
history), you'll need to detail the nature
of your business and estimated mileage.
There are a variety of policies that are
available, so speak to your insurer for
advice on the relevant cover for you.

109


http://hse.gov.uk

YourBusinessWithJamesCaan2016

Table of Contents for the Digital Edition of YourBusinessWithJamesCaan2016

YourBusinessWithJamesCaan2016 - 1
YourBusinessWithJamesCaan2016 - 2
YourBusinessWithJamesCaan2016 - 3
YourBusinessWithJamesCaan2016 - 4
YourBusinessWithJamesCaan2016 - 5
YourBusinessWithJamesCaan2016 - 6
YourBusinessWithJamesCaan2016 - 7
YourBusinessWithJamesCaan2016 - 8
YourBusinessWithJamesCaan2016 - 9
YourBusinessWithJamesCaan2016 - 10
YourBusinessWithJamesCaan2016 - 11
YourBusinessWithJamesCaan2016 - 12
YourBusinessWithJamesCaan2016 - 13
YourBusinessWithJamesCaan2016 - 14
YourBusinessWithJamesCaan2016 - 15
YourBusinessWithJamesCaan2016 - 16
YourBusinessWithJamesCaan2016 - 17
YourBusinessWithJamesCaan2016 - 18
YourBusinessWithJamesCaan2016 - 19
YourBusinessWithJamesCaan2016 - 20
YourBusinessWithJamesCaan2016 - 21
YourBusinessWithJamesCaan2016 - 22
YourBusinessWithJamesCaan2016 - 23
YourBusinessWithJamesCaan2016 - 24
YourBusinessWithJamesCaan2016 - 25
YourBusinessWithJamesCaan2016 - 26
YourBusinessWithJamesCaan2016 - 27
YourBusinessWithJamesCaan2016 - 28
YourBusinessWithJamesCaan2016 - 29
YourBusinessWithJamesCaan2016 - 30
YourBusinessWithJamesCaan2016 - 31
YourBusinessWithJamesCaan2016 - 32
YourBusinessWithJamesCaan2016 - 33
YourBusinessWithJamesCaan2016 - 34
YourBusinessWithJamesCaan2016 - 35
YourBusinessWithJamesCaan2016 - 36
YourBusinessWithJamesCaan2016 - 37
YourBusinessWithJamesCaan2016 - 38
YourBusinessWithJamesCaan2016 - 39
YourBusinessWithJamesCaan2016 - 40
YourBusinessWithJamesCaan2016 - 41
YourBusinessWithJamesCaan2016 - 42
YourBusinessWithJamesCaan2016 - 43
YourBusinessWithJamesCaan2016 - 44
YourBusinessWithJamesCaan2016 - 45
YourBusinessWithJamesCaan2016 - 46
YourBusinessWithJamesCaan2016 - 47
YourBusinessWithJamesCaan2016 - 48
YourBusinessWithJamesCaan2016 - 49
YourBusinessWithJamesCaan2016 - 50
YourBusinessWithJamesCaan2016 - 51
YourBusinessWithJamesCaan2016 - 52
YourBusinessWithJamesCaan2016 - 53
YourBusinessWithJamesCaan2016 - 54
YourBusinessWithJamesCaan2016 - 55
YourBusinessWithJamesCaan2016 - 56
YourBusinessWithJamesCaan2016 - 57
YourBusinessWithJamesCaan2016 - 58
YourBusinessWithJamesCaan2016 - 59
YourBusinessWithJamesCaan2016 - 60
YourBusinessWithJamesCaan2016 - 61
YourBusinessWithJamesCaan2016 - 62
YourBusinessWithJamesCaan2016 - 63
YourBusinessWithJamesCaan2016 - 64
YourBusinessWithJamesCaan2016 - 65
YourBusinessWithJamesCaan2016 - 66
YourBusinessWithJamesCaan2016 - 67
YourBusinessWithJamesCaan2016 - 68
YourBusinessWithJamesCaan2016 - 69
YourBusinessWithJamesCaan2016 - 70
YourBusinessWithJamesCaan2016 - 71
YourBusinessWithJamesCaan2016 - 72
YourBusinessWithJamesCaan2016 - 73
YourBusinessWithJamesCaan2016 - 74
YourBusinessWithJamesCaan2016 - 75
YourBusinessWithJamesCaan2016 - 76
YourBusinessWithJamesCaan2016 - 77
YourBusinessWithJamesCaan2016 - 78
YourBusinessWithJamesCaan2016 - 79
YourBusinessWithJamesCaan2016 - 80
YourBusinessWithJamesCaan2016 - 81
YourBusinessWithJamesCaan2016 - 82
YourBusinessWithJamesCaan2016 - 83
YourBusinessWithJamesCaan2016 - 84
YourBusinessWithJamesCaan2016 - 85
YourBusinessWithJamesCaan2016 - 86
YourBusinessWithJamesCaan2016 - 87
YourBusinessWithJamesCaan2016 - 88
YourBusinessWithJamesCaan2016 - 89
YourBusinessWithJamesCaan2016 - 90
YourBusinessWithJamesCaan2016 - 91
YourBusinessWithJamesCaan2016 - 92
YourBusinessWithJamesCaan2016 - 93
YourBusinessWithJamesCaan2016 - 94
YourBusinessWithJamesCaan2016 - 95
YourBusinessWithJamesCaan2016 - 96
YourBusinessWithJamesCaan2016 - 97
YourBusinessWithJamesCaan2016 - 98
YourBusinessWithJamesCaan2016 - 99
YourBusinessWithJamesCaan2016 - 100
YourBusinessWithJamesCaan2016 - 101
YourBusinessWithJamesCaan2016 - 102
YourBusinessWithJamesCaan2016 - 103
YourBusinessWithJamesCaan2016 - 104
YourBusinessWithJamesCaan2016 - 105
YourBusinessWithJamesCaan2016 - 106
YourBusinessWithJamesCaan2016 - 107
YourBusinessWithJamesCaan2016 - 108
YourBusinessWithJamesCaan2016 - 109
YourBusinessWithJamesCaan2016 - 110
YourBusinessWithJamesCaan2016 - 111
YourBusinessWithJamesCaan2016 - 112
YourBusinessWithJamesCaan2016 - 113
YourBusinessWithJamesCaan2016 - 114
YourBusinessWithJamesCaan2016 - 115
YourBusinessWithJamesCaan2016 - 116
YourBusinessWithJamesCaan2016 - 117
YourBusinessWithJamesCaan2016 - 118
YourBusinessWithJamesCaan2016 - 119
YourBusinessWithJamesCaan2016 - 120
YourBusinessWithJamesCaan2016 - 121
YourBusinessWithJamesCaan2016 - 122
YourBusinessWithJamesCaan2016 - 123
YourBusinessWithJamesCaan2016 - 124
YourBusinessWithJamesCaan2016 - 125
YourBusinessWithJamesCaan2016 - 126
YourBusinessWithJamesCaan2016 - 127
YourBusinessWithJamesCaan2016 - 128
YourBusinessWithJamesCaan2016 - 129
YourBusinessWithJamesCaan2016 - 130
YourBusinessWithJamesCaan2016 - 131
YourBusinessWithJamesCaan2016 - 132
YourBusinessWithJamesCaan2016 - 133
YourBusinessWithJamesCaan2016 - 134
YourBusinessWithJamesCaan2016 - 135
YourBusinessWithJamesCaan2016 - 136
YourBusinessWithJamesCaan2016 - 137
YourBusinessWithJamesCaan2016 - 138
YourBusinessWithJamesCaan2016 - 139
YourBusinessWithJamesCaan2016 - 140
YourBusinessWithJamesCaan2016 - 141
YourBusinessWithJamesCaan2016 - 142
YourBusinessWithJamesCaan2016 - 143
YourBusinessWithJamesCaan2016 - 144
YourBusinessWithJamesCaan2016 - 145
YourBusinessWithJamesCaan2016 - 146
YourBusinessWithJamesCaan2016 - 147
YourBusinessWithJamesCaan2016 - 148
YourBusinessWithJamesCaan2016 - 149
YourBusinessWithJamesCaan2016 - 150
YourBusinessWithJamesCaan2016 - 151
YourBusinessWithJamesCaan2016 - 152
YourBusinessWithJamesCaan2016 - 153
YourBusinessWithJamesCaan2016 - 154
YourBusinessWithJamesCaan2016 - 155
YourBusinessWithJamesCaan2016 - 156
YourBusinessWithJamesCaan2016 - 157
YourBusinessWithJamesCaan2016 - 158
YourBusinessWithJamesCaan2016 - 159
YourBusinessWithJamesCaan2016 - 160
YourBusinessWithJamesCaan2016 - 161
YourBusinessWithJamesCaan2016 - 162
YourBusinessWithJamesCaan2016 - 163
YourBusinessWithJamesCaan2016 - 164
YourBusinessWithJamesCaan2016 - 165
YourBusinessWithJamesCaan2016 - 166
YourBusinessWithJamesCaan2016 - 167
YourBusinessWithJamesCaan2016 - 168
YourBusinessWithJamesCaan2016 - 169
YourBusinessWithJamesCaan2016 - 170
YourBusinessWithJamesCaan2016 - 171
YourBusinessWithJamesCaan2016 - 172
YourBusinessWithJamesCaan2016 - 173
YourBusinessWithJamesCaan2016 - 174
YourBusinessWithJamesCaan2016 - 175
YourBusinessWithJamesCaan2016 - 176
YourBusinessWithJamesCaan2016 - 177
YourBusinessWithJamesCaan2016 - 178
YourBusinessWithJamesCaan2016 - 179
YourBusinessWithJamesCaan2016 - 180
YourBusinessWithJamesCaan2016 - 181
YourBusinessWithJamesCaan2016 - 182
YourBusinessWithJamesCaan2016 - 183
YourBusinessWithJamesCaan2016 - 184
YourBusinessWithJamesCaan2016 - 185
YourBusinessWithJamesCaan2016 - 186
YourBusinessWithJamesCaan2016 - 187
YourBusinessWithJamesCaan2016 - 188
YourBusinessWithJamesCaan2016 - 189
YourBusinessWithJamesCaan2016 - 190
YourBusinessWithJamesCaan2016 - 191
YourBusinessWithJamesCaan2016 - 192
YourBusinessWithJamesCaan2016 - 193
YourBusinessWithJamesCaan2016 - 194
YourBusinessWithJamesCaan2016 - 195
YourBusinessWithJamesCaan2016 - 196
YourBusinessWithJamesCaan2016 - 197
YourBusinessWithJamesCaan2016 - 198
YourBusinessWithJamesCaan2016 - 199
YourBusinessWithJamesCaan2016 - 200
YourBusinessWithJamesCaan2016 - 201
YourBusinessWithJamesCaan2016 - 202
YourBusinessWithJamesCaan2016 - 203
YourBusinessWithJamesCaan2016 - 204
YourBusinessWithJamesCaan2016 - 205
YourBusinessWithJamesCaan2016 - 206
YourBusinessWithJamesCaan2016 - 207
YourBusinessWithJamesCaan2016 - 208
YourBusinessWithJamesCaan2016 - 209
YourBusinessWithJamesCaan2016 - 210
YourBusinessWithJamesCaan2016 - 211
YourBusinessWithJamesCaan2016 - 212
YourBusinessWithJamesCaan2016 - 213
YourBusinessWithJamesCaan2016 - 214
YourBusinessWithJamesCaan2016 - 215
YourBusinessWithJamesCaan2016 - 216
YourBusinessWithJamesCaan2016 - 217
YourBusinessWithJamesCaan2016 - 218
YourBusinessWithJamesCaan2016 - 219
YourBusinessWithJamesCaan2016 - 220
https://europe.nxtbook.com/emp/AtHome/yourbusiness2021
https://europe.nxtbook.com/emp/AtHome/athomewithchrisjessen2018
https://europe.nxtbook.com/emp/AtHome/athomewithsarahbeenyautumn2017
https://europe.nxtbook.com/emp/AtHome/athomewithlorrainekelly2017
https://europe.nxtbook.com/emp/AtHome/athomeparentingwithJoFrost2017
https://europe.nxtbook.com/emp/AtHome/SarahBeenySpring2017
https://europe.nxtbook.com/emp/AtHome/AskTheDoctorWithDrJessenFebruary2017
https://europe.nxtbook.com/emp/AtHome/AtHomeWithTessDaly2016
https://europe.nxtbook.com/emp/Careers/YourBusinessWithJamesCaan2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithGloriaHunnifordOctober2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithSarahBeenyAutumn2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithLorraineKelly2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithJoFrostJune2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithSarahBeenySpring2016
https://europe.nxtbook.com/emp/AtHome/AtHomeWithDrChristianJessen2016
https://europe.nxtbook.com/emp/AtHome/AthomeWithTessDaly2015
https://europe.nxtbook.com/emp/AtHome/YourBusinessWithJamesCaanAutumn2015
https://europe.nxtbook.com/emp/AtHome/AthomeWithSarahBeeny2015
https://europe.nxtbook.com/emp/AtHome/AthomeWithGloriaHunniford2015
https://europe.nxtbook.com/emp/AtHome/AtHomeLorraineKelly2015
https://europe.nxtbook.com/emp/AtHome/JoFrost15
https://europe.nxtbook.com/emp/AtHome/SarahBennyMay2015
http://europe.nxtbook.com/emp/AtHome/OrthopaedicSupplementMarch2015
https://europe.nxtbook.com/emp/AtHome/DrChristianJessenFeb2015
http://europe.nxtbook.com/emp/AtHome/athomewithtessdaly
http://europe.nxtbook.com/emp/AtHome/jobsandcareers2014
https://europe.nxtbook.com/emp/AtHome/yourbusinesswithjamescaan
http://europe.nxtbook.com/emp/AtHome/athomewithsarahbeeny
http://europe.nxtbook.com/emp/AtHome/parentingjofrost
https://europe.nxtbook.com/emp/AtHome/drchristianjessen
http://europe.nxtbook.com/emp/AtHome/Athomelorrainekelly
http://europe.nxtbook.com/emp/AtHome/Athomesarahbeeny
http://europe.nxtbook.com/emp/AtHome/Cheers_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Christmas_New_year_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Exclusive_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Jo_Frost_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Carol_Vorderman_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Christian_Jessen_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Sarah_Beeny_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_Lorraine_Kelly_2013
http://europe.nxtbook.com/emp/AtHome/At_Home_James_Martin_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Jo_Frost_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Dr_Chris_Steele_Sept_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Sally_Gunnell_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Sarah_Beeny_Aug_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Lorraine-Kelly_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_Christian_Jessen_2012
http://europe.nxtbook.com/emp/AtHome/At_Home_James_Martin_2011
http://europe.nxtbook.com/emp/AtHome/At_Home_Sarah_beeny_winter_2011
http://europe.nxtbook.com/emp/AtHome/Lorraine_Kelly_Nov_2011
http://europe.nxtbook.com/emp/AtHome/At_Home_Marco_Pierre_White_2011
http://europe.nxtbook.com/emp/AtHome/AtHome/Jo_Frost_July_2011
http://europe.nxtbook.com/emp/AtHome/Lorraine_Kelly_June_2011/Lorraine_Kelly_June_2011
http://europe.nxtbook.com/emp/AtHome/Sarah_Beeny_May_2011
https://www.nxtbookmedia.com