What insurance is a legal requirement?
What insurance is a legal requirement?
Employer’s liability insurance is the only business insurance that is mandatory (under the Compulsory Insurance Act 1969).
Is commercial insurance the same as business insurance?
When business owners are looking for the best insurance policy for their business, they often confuse the terms’ commercial insurance’ and ‘business insurance. ‘ Even though they sound different, they are actually the same, and the terms can be used interchangeably.
Do you need liability insurance for a hobby?
Anything from candles and oils, childcare, crafting, photography, clothing, etc. Chances are, if you are making a profit, you need to insure your ‘hobby’. It may be hard to realize your in-home hobby can be considered a business. Nov 20, 2017
Do you need insurance if you are self employed?
Self-employed public liability insurance is not legally required for most business, but is considered necessary if people visit your business premises. Saying that, some customers may demand that you have some public liability cover, simply so they know that they’re protected. Sep 30, 2021
What is the fee that a policyholder pays when an insurance company agrees to take on the risk?
Premium12. Premium: The fee a policyholder pays for insurance.
