| With premiums spiralling out of control, record numbers of business are opting to break the law and go without insurance cover. Unless you're set on a future behind bars or can see into the future to ensure nothing will ever happen to you, your business or anyone that interacts with it, we suggest you don't pursue that route. That said, if you took out every insurance policy on the market you'd be unlikely to have any cashflow left whatsoever. So what do you need, what should you think about getting and what's not really worth having? There are two mandatory insurance requirements all business owners should be aware of. While they are mandatory they only affect you if you have employees or a commercial vehicle. The most important of these is Employers’ Liability (EL); if you employ anyone, even on a casual basis or part-time, you’ll need this cover. EL will cover the cost of any compensation you may have to pay out if your employees are injured, or they suffer an illness caused by work. If you use a vehicle for business – no matter if it’s your own car or a company van - you must have motor insurance. If you use your car for work, as well as personal use, you need to make sure that your insurance certificate covers both types of use and this will mean extending your existing policy to Class One. If you want other drivers to use your car for business use then you’ll need Class Two cover. And if you need to be covered for commercial travelling (ie travelling from place to place in search of customers) then you’ll need Class Three cover. If you have a van or car used specifically for business you may also need commercial vehicle insurance. This cover should provide you with a courtesy vehicle while yours is being repaired and third party cover for any trailer attached to your vehicle. Here’s a quick round-up of the most important areas any business insurance policy should cover. Don’t be tempted to cut corners, you could find yourself paying for costly legal actions if you haven’t got adequate cover. Your property
You will almost definitely need contents insurance and you might well need buildings insurance too. If you lease your premises check with your landlord to find out who is responsible for insuring the building. Both buildings and contents should be insured against a range of risks including fire, theft and flood and for the full cost of replacing them. This coverage can also be extended to include accidental damage. Business interruption
This covers you for any costs incurred should your business suffer a fire, flood or theft. These costs include moving to other premises while yours are being repaired, covering the cost of temporary rental equipment and any loss of income or profit. Deterioration of stock
If you sell food or other perishable goods you’re going to be in trouble if your freezer breaks down for examp... | 
