Insuring People Related to Your Businsess

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Without employers, employees or customers there would be no business therefore it is important to cover these people by insurance. There are many policies you can take out to cover your company in the event that a key person in the business is injured or dies, or that someone is hurt as the result of you business' activities.

The main types of insurance you may wish to consider are:

• Life and Health Insurance
  - You may want to consider taking out life and health insurance for you and your employees. By offering this to employees you are making the job role more desirable.
• Key Man Cover
  - Key man cover may be essential to your company if any one person has a major role in the running of the business. If something were to happen to them you could claim on your insurance to cover the loss of sales or revenue that person would normally generate.
• Liability Insurance
  - Liability Insurance can play a big part in many companies' insurance policies. It allows you to cover your company against claims made by your employees and your customers, liability insurance can be a big weight off employers' minds.

Do I have to take out insurance for these people?

The insurance you take out will depend entirely on the nature of your company. The only cover you must have by law is Employers' Liability (assuming you have one or more employees). The other types of cover are available in case your company operates in certain industries or undertakes activities that need extra cover. For example, if you visit your customers' premises or they visit yours then Public Liability insurance might be recommended to you by your broker. Also, if your company cannot operate if a certain person is absent then they may also recommend Key Man Cover.

What type of adviser can help?

For advice on life and health insurance you will need to speak to an Independent Financial Adviser (IFA) but you will need to contact an Insurance Broker to give advice on your liability insurance.

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This content is provided for general information only, and should not be treated as a substitute for the advice given by any professional.