Summary:- Example of the cost of Business Insurance as required by UK law and Public Liability and Employers Liability Packages


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The cost of the minimum business insurance required by law in the UK

Employers Liability.

Once one employee is taken on it is required by law that the company takes out Employers Liability Insurance. The prescribed legal minimum is currently [2007-] 10m of cover against bodily injury, illness or disease sustained in the course of employment.

Public Liability.

Limit of Indemnity is the maximum amount the insurance company will pay in the event of a claim being made. The limits are usually up to 5m but when working for another company, cover of 10m or more can be demanded.

The Cost to us in 2015/16.

Many insurance companies combine the two liabilities into one package. These figures could be used in a business plan though they may vary with other circumstances and other companies.

The cost to us for the standard minimum package from CIS Ltd. in January 2015 was:-

Policy
Premium
Premium Tax
Annual Premium
Employers' Liability
£ 80.95
£4.05
£ 85.00
Public Liability
£104.76
£5.24
£110.00
Total
£185.71
£9.29
£195.00

This is the same premium as charged in 2014.

Accountant's / Professional Fees Insurance

For a company with a turnover of <£1 million and a limit of £75,000, insurance to cover costs from HMRC Aspect Enquiries; HMRC Full Enquiries; VAT Disputes; PAYE/NIC Disputes; IR35 Disputes -

Premium in 2015 for a year was £158.55

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These figures are simply to give small companies an idea of costs and obviously will change with time and circumstances.


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