If you have ambitious expansion plans for 2015 and want to start taking on staff, do not forget to update your small business insurance policy. Even if you are only taking on one employee, there are still legal obligations that must be met.

The Insurance Octopus specialises in bespoke SME insurance plans for small businesses in the UK. Whether you have a new business about to launch or are looking to take the next step, expert consultants are on hand to find the best cover tailored to your needs.

As an employer of one or more members of staff, Employers Liability Insurance is a priority for providing protection against any claims made should an employee be injured or become ill as a result of their work. To not have this type of business insurance in place is illegal.

SME employers hiring for management positions involving high-risk decision making must consider additional protection.

Directors and Officers Liability Insurance

If a new employee will be a key decision maker in your business then D&O insurance is an essential element in promoting effective leadership. If individual managers are sued for liability as well as the company as a whole, they may not be covered under a standard umbrella policy.

This cover gives your managing directors and other top-tier leaders the confidence to take the necessary risks that come with running a company, without worrying about their neck being on the line should claims be made against them for breach of contract,libel and such like.

Maybe you have decided to hand the reigns to a manager in order to concentrate on other projects. Or business could be thriving so much that you have decided to create a whole board of directors.

Having management liability cover in place provides the peace of mind necessary for your leaders to feel truly empowered and protected in their roles. And this can only have a positive impact on the success of your business.