What Business Insurance is needed for ex-offenders?
The insurances required if there are ex-offenders running the business will be no different, however you will need to mention that you are an ex offender to your insurer. This is because there is a moral risk which this could influence the elements of the policy depending on the offence. In the insurers view, a moral hazard or risk means there is a risk that someone in the business may cause a claim for an immoral reason and means it may be somewhat difficult to cover a company under some circumstances, especially if the ex-offender hasn’t been discharged completely. If you have ex-offenders working for you, you do not need to mention this; it is only the persons running the business that need to let the insurer know.
The insurances required will depend on the trade or industry. If you have employees you will need employer’s liability, if you provide products it’s best to take out products liability, if you give advice it is best to take out professional indemnity and if you work anywhere a member of the public may be injured in the course of your business you will need public liability insurance. Other insurances can cover your equipment, legal expenses and various other situations relevant to your business.
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