There is a balance between adequate and appropriate protection of the business whilst keeping initial costs to a minimum.  Evaluate your business risks and the need for insurance under these 4 headings:

• Assets (both physical and intellectual);
• Revenue streams;
• Liabilities to Third Parties (including contractual obligations);
• People (your staff including their importance to the business).

Usually, a package type policy covering your physical property, annual revenues, Employer’s liability and Public/Product’s liability is required.   The only insurances required by law are Employer’s Liability, Motor Liability (if you have cars/vans etc) and Engineering Inspection of lifting and pressure plant if you have them.

If you own a business, it is highly recommended that you have business insurance to protect your assets. The only insurances required by law are Employer’s Liability, Motor Liability (if you have cars/vans etc) and Engineering Inspection of lifting and pressure plant if you have them. Increasingly, suppliers or customers will ask for evidence of insurance.

The cost of business insurance varies depending on the type of cover you need, the size of your business, and the level of risk associated with your industry. Insurance brokers help with this presentation to insurers in seeking the most appropriate market and price.

Yes, they do. The current rate is 12% and is a charge collected by insurers on behalf of the Government. This tax has nothing to do with insurance brokers or insurers.

Insurance brokers earn money in the form of commissions when business is placed with insurers. You have every right to ask a broker what commission they are earning from insurers. An alternative to commission is to quote premiums “net” and brokers agree a fee with customers for services.