The purpose of insurance is quite simple: to provide financial security. From the individual to the family to the multi-national corporation, insurance is necessary not only to do business, but also to live. At its most basic level, it is a type of risk management.
Of course, when it comes to businesses in the UK, insurance not only offers peace of mind, it also provides protection from law suits and even incarceration. Thatís right! Every business in the UK is required to have a certain amount of insurance before they can even open their doors.
For any business that has employees (and almost all of them do), they are legally required to have some form of liability insurance. This type of insurance protects employees and their bosses when someone is accidentally insured in the workplace. But because insurance companies insurance companies offer different rates, it is important for businesses to do their research and to compare quotes before they select a policy. (more...)