Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

What Are the Penalties for Not Having Business Insurance?

Companies / Insurance Aug 28, 2018 - 04:56 AM GMT

By: Justin_Weinger

Companies When you reach the point of perusing the insurance products available for your business, you could understandably feel bewildered by the sheer range of options. There are, indeed, many different forms of business insurance available - and this could give you an increasing sense of dread...

After all, how can you be certain that you are taking out the right insurance policies to prevent being hit with penalties? Here are details of potentially applicable punishments and how to avoid them...




Employers' liability insurance

You could especially fear the prospect of the police one day knocking on your door if you are overly slapdash when trying to insure your business. However, the number of legally necessary insurances in the corporate sphere is lower than you might initially expect.

The insurance which you might need to mostly prioritise sourcing is employers' liability. If you employ at least one member of staff, you almost definitely need this insurance. As a result, its necessity by law comes into play for the majority of UK-based businesses.

Even your part-time and temporary staff wouldn't be exempt from the reach of employers' liability cover, which would help you to compensate staff if they incur an illness or injury as a result of working for you.

UK law would require your business to hold employers' liability cover worth at least £5 million. So, what if it doesn't? You could face fines daily touching £2,500, the website of the Federation of Small Businesses warns. In assessing your company's risks and liabilities, you could even see how taking out employers' liability worth significantly more than £5 million could ease your peace of mind.

Motor insurance

Even before you formed your business, you should have been well aware of the legal importance of vehicle insurance if you were driving on UK roads then. After all, it is not legally permissible to drive either on a road or in another public setting without insurance, the GOV.UK website says.

Your motor insurance needs to reach at least third party level - and be careful not to get behind the wheel of a car simply because it is insured. In this instance, you would still be risking penalties if you, as the driver, are not specifically and properly insured to handle this vehicle.

Those penalties could include a fixed one of £600, while the 6 penalty points added to your license could also make you more reticent on the road. This is assuming that you aren't entirely banned from driving, as can happen if your violation of the law lands you in court.

Falling down this particular pit could also see you responsible for paying an unlimited fine. Your vehicle, too, could be lost if police draw upon their power to seize it and, depending on the particular case, destroy it. Your existing motor insurance might not suffice for averting all of this...

This is because, as the Law on the Web website cautions, many insurance policies would not cover you for commercial journeys. Where exactly is the line drawn between a "personal" and "commercial" journey? An insurance broker could advise you on this matter.

If you aren't certain whether your existing car insurance policy would let you legally make business journeys in your vehicle, ask your insurer for clarification. If the policy doesn't include this coverage but is soon up for renewal, now could be an ideal time to switch to a whole new policy.

The broker Call Wiser could help you with this step - and, if you are considering other insurance relevant to the motor trade, Be Wiser Business Insurance could particularly assist.

By Justin Weinger

© 2018 Copyright Justin Weinger - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in