Is business insurance a legal requirement?
The only form of business insurance that’s an absolute legal requirement in the UK is employers’ liability insurance – which is necessary for any type of business that employs one or more people – even on a casual basis.
However, various industry regulators oblige businesses to have certain types of insurance to be allowed to operate. For instance, solicitors, accountants and healthcare professionals normally need professional indemnity insurance to operate.
And while other types of business insurance may not be legally required, it is often a good idea to have relevant cover in place, such as stock protection insurance or business van insurance.