YOUR BUSINESS _ SPRING 2024 Unforeseen events could destroy your business overnight, which is why having the right insurance is so important M any things can go wrong when running a business. Even with the best-laid plans, the unexpected can happen, and has the potential to destroy everything you've worked for. Having the right insurance policies will offer protection and peace of mind, and can prevent you from losing everything in the event of a calamity - so don't skimp on them. It's important to get advice from an expert, such as a broker, who can advise you on the right policies for your purposes (not all policies will be relevant to your business) and shop around to find you the best price. Always read the small print (or get an expert to do it for you) before signing on the dotted line. Employer's liability Accidents can happen, so it's a legal requirement for any firm that employs people - whether full-time, temporary or voluntary - to take out employer's liability (EL) cover for at least £5m. This covers your business in the event that a staff member claims they've suffered an illness or injury as a result of working for you. Included in the cover are any legal and compensation costs involved in defending a case. The Health and Safety Executive (HSE) can fine you £2,500 111