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Newsletter

'Cover legal requirements' with insurance

By Marianne Straker, Wed 21 May 2008 - Published in Home Insurance

Firms that are looking to take out insurance for their business operations should ensure that any insurance covers all of their requirements, experts have warned.

Assets and liabilities, as well as all legal requirements, should be covered with such an insurance product, a spokesperson for the British Insurance Brokers' Association has argued.

Steve Foulsham, technical services manager at the organisation, said firms need to check the importance of insurance on all areas of a business to ensure that they can find the right cover.

"The essential point is that the first thing [businesses] need to look at is the legal requirement side of things," said Mr Foulsham.

Statistics from the Association of British Insurers show that insurance firms pay out an average of some £64 million per day on general insurance claims. This includes some £5.8 million per day to businesses for damage to their property or premises.