How much insurance cover you need to protect your business and your livelihood depends on the nature of your business, but also your attitude to risk.
First of all, if you employ people, employers liability insurance with a limit of at least £5 million is a legal requirement. Equally, public liability insurance of at least £2 million is also a condition of NICEIC certification.
Professional indemnity insurance is a requirement for NICEIC scheme(s) where the scope of work undertaken includes periodic inspection and testing. This will cover the cost of legal fees and compensation if a client alleges a failure in your professional advice.
All these liability covers are essentially designed to help with legal fees and compensation if a client, employee or member of the public takes legal action against you related to your work. On top of that, if you use a business vehicle, insurance is compulsory, and you may also want to consider insurance for premises, tools, contract works and personal covers like income protection and personal accident. The good news is that the insurance you need is readily available from NICEIC Insurance services– with flexible, competitively priced policies that can be tailored to your needs.