Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Semiconductor Sector – Watch the Early Bird in 2019 - 21st Jan 19
From ASEAN Economic Development to Militarization - 21st Jan 19
Will China Surprise The Us Stock Market? - 21st Jan 19
Tips to Keep Your Finances Healthy in 2019 and Beyond - 21st Jan 19
Tips for Writing Assignment in Hurry - 21st Jan 19
UK House Prices, Immigration, and Population Growth Mega Trend Forecast - 21st Jan 19
REMAIN Parliament to Subvert BrExit with Peoples Vote FIXED 2nd EU Referendum - 21st Jan 19
Pay Attention To The Russell Stocks Index and Financial Sectors - 20th Jan 19
Hyperinflation - Zimbabwe's Monetary Death Spiral - 20th Jan 19
Stock Market Counter-trend Extends - 20th Jan 19
The News About Fake News Is Fake - 20th Jan 19
Stock Market Bull Trap? January 22 Top Likely - 19th Jan 19
After the Crash, the Stock Market Made a V-shaped Recovery. What’s Next - 19th Jan 19
David Morgan: Expect Stagflation and Silver Outperformance in 2019 - 19th Jan 19
Why Brampton Manor Academy State School 41 Oxbridge Offers is Nothing to Celebrate! - 19th Jan 19
REMAIN Parliament Prepares to Subvert BrExit with Peoples Vote FIXED 2nd EU Referendum - 19th Jan 19
Gold Surges on Stock Selloff - 18th Jan 19
Crude Oil Price Will Find Strong Resistance Between $52~55 - 18th Jan 19
Stock Market’s Medium Term is No Longer Bullish. It is Now Mixed - 18th Jan 19
SPX and Gold; Pivotal Points at Hand - 18th Jan 19
Fable Media Launches New GoWin Online Casino Affiliate Site in UK - 18th Jan 19
The End of Apple! - 18th Jan 19
Debt, Division, Dysfunction, and the March to National Bankruptcy - 18th Jan 19
Creating the Best Office Space - 18th Jan 19
S&P 500 at Resistance Level, Downward Correction Ahead? - 17th Jan 19
Mauldin: My 2019 Economic Outlook - 17th Jan 19
Macro Could Weaken After US Government Shutdown. What This Means for Stocks - 17th Jan 19
US Stock Market Indexes Reaches Fibonacci Target Zone – Where to Next? - 17th Jan 19
How 2018 Was For The UK Casino Industry - 17th Jan 19
Gold Price – US$700 Or US$7000? - 16th Jan 19
Commodities Are the Right Story for 2019 - 16th Jan 19
Bitcoin Price Wavers - 15th Jan 19
History Shows That “Disruptor Stocks” Will Make You the Most Money in a Bear Market - 15th Jan 19
What Will the Stock Market Do Around Earnings Season - 15th Jan 19
2018-2019 Pop Goes The Debt Bubble - 15th Jan 19
Are Global Stock Markets About To Rally 10 Percent? - 15th Jan 19
Here's something to make you money in 2019 - 15th Jan 19
Theresa May to Lose by Over 200 Votes as Remain MP's Plot Subverting Brexit - 15th Jan 19
Europe is Burning - 14th Jan 19
S&P 500 Bounces Off 2,600, Downward Reversal? - 14th Jan 19
Gold A Rally or a Bull Market? - 14th Jan 19
Gold Stocks, Dollar and Oil Cycle Moves to Profit from in 2019 - 14th Jan 19
How To Profit From The Death Of Las Vegas - 14th Jan 19
Real Reason for Land Rover Crisis is Poor Quality of Build - 14th Jan 19
Stock Market Looking Toppy! - 13th Jan 19
Liquidity, Money Supply, and Insolvency - 13th Jan 19
Top Ten Trends Lead to Gold Price - 13th Jan 19
Silver: A Long Term Perspective - 13th Jan 19
Trump's Impeachment? Watch the Stock Market - 12th Jan 19
Big Silver Move Foreshadowed as Industrial Panic Looms - 12th Jan 19
Gold GDXJ Upside Bests GDX - 12th Jan 19
Devastating Investment Losses Are Coming: What Is Your Advisor Doing About It? - 12th Jan 19
Things to do Before Choosing the Right Credit Card - 12th Jan 19
Japanese Yen Outlook In 2019 - 11th Jan 19
Yield curve suggests that US Recession is near: Trading Setups - 11th Jan 19

Market Oracle FREE Newsletter

UK House Prices, Immigration, and Population Growth Trend Forecast

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.


© 2005-2018 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

6 Critical Money Making Rules