Help notes: INSURANCE
Does your organisation have appropriate insurance policies in place?
Insurance will ensure your organisation is protected against unforeseen risks and costs. Holding the correct insurance also demonstrates a basic level of professionalism in taking steps to protect yourself.
What is a ‘Yes’ for me?
This means having insurance in place as relevant for your organisation.
Typically, this will include:
- Public Liability Insurance: For most companies and organisations
- Employers Liability Insurance: For any company with employees in the UK
- Public Indemnity Insurance: For companies offering a professional service or advice
You may also be aware of other types of insurance appropriate to your sector.
Does this question apply to me? Is this a regulatory requirement?
Insurance is applicable to all organisations, of any size and in any sector.
Employers Liability Insurance is a legal requirement for any organisation with one or more members of staff. Holding Public Liability Insurance and Professional Indemnity Insurance are not legal requirements but demonstrate a basic level of professionalism and are required by many clients and suppliers.
Common types of insurance for organisations
Public Liability Insurance: Public liability insurance covers you for claims made against you by members of the public. If someone at an organisation accidentally causes injury to a member of the public, or damages their property, there can be legal fees and compensation costs which this insurance will cover.
Many clients and suppliers need Public Liability Insurance to be in place before delivering work for a client.
Employers Liability Insurance: A legal requirement if you have any employees. It covers your business if one of your staff members claims they’ve suffered an illness or injury as a result of working for you. It covers any legal and compensation costs involved in defending the case.
Not holding this insurance can result in fines.
Professional Indemnity Insurance: This is designed for those businesses who offer a professional service or advice. It will cover you if you make a mistake, or if a client suffers (or claims to suffer) a financial loss as a result of your work, paying legal and compensation costs.
Many clients and suppliers will need Professional Indemnity Insurance to be in place before working with an organisation.
N.B. Contractors and Consultants working within the Duchy of Cornwall’s Contractors Policy require all three of the above to be in place.
Organisations may also hold other types of insurance, depending on their nature, including:
- Contents/ Office Equipment/ Portable Equipment cover
- Directors’ and Officers’ liability insurance
- Product Liability Insurance
- Specialist insurance for your sector
More information/ Next steps
Government advice for small businesses
You can take up insurance through many different insurance companies, some set up for easy use by small businesses.
One approach to finding insurance compared on price is via insurance broker sites online. Sites like Insurance: Ethical Comparison – The Good Shopping Guide and Ethical Insurance | Ethical Consumer also make recommendations on insurance companies which take more ethical approaches to investment.
The Duchy of Cornwall does not endorse using any particular insurance company.