There are some Compulsory Insurances that organisations are required to have when they are operating in the United Kingdom (UK). In addition, there are other insurance policies that are recommended. More detail on both of these areas is provided below.
The following insurance policies are legally required to operate in the UK:
Once the first employee is hired (even on a casual basis) in the UK, the organisation is required by law to take out Employers’ Liability insurance. This policy will provide indemnity for employees if they fall ill or are injured in the course of their work.
Third Party Liability for Motor
Where an organisation operates a company vehicle, they must have, as a minimum, Third Party Liability insurance, although at Griffiths & Armour we recommend a fully comprehensive motor insurance policy.
Third Party Liability covers injuries to third parties by your vehicle, whereas a fully comprehensive further extends the cover to include own vehicle damage plus fire and theft of the vehicle.
This policy provides cover for the organisation against legal liability arising out of professional negligence.
Some regulators require Professional Indemnity insurance for specific sectors, such as: solicitors, accountants and some healthcare professionals.
Alongside the Compulsory Insurances, at Griffiths & Armour we recommend the following insurance policies are also in place when operating in the UK:
A Public Liability insurance policy provides legal liability for injury/damage to third parties and/or their property. Whilst not required by law, if members of the public come to the site of the organisation or could be hurt in any way by something the business does, this insurance is strongly recommended.
It is also possible that other organisations require a Public Liability policy in place to be able to engage in their contracts or to operate on their sites.
This policy can include cover for Employers’ Liability and Public Liability alongside insurance cover for any assets, like buildings, stock, equipment and money.
Purchasing a package policy could be more economical for an organisation as individual insurance policies can have minimum premium requirements, that together exceed the package policy premium.
This page highlights those insurance policies that are frequently required by organisations setting up in the UK. There are many other types of insurance available and we would be happy to discuss these in more detail, as well as answering any specific queries relating to insurance in the UK. Please contact Chloe Murray by clicking below to find out more.