is bussiness insurance mandatory

[pakhtoon77]

hello everyone,
I was wondering if business insurance is mandatory or just a tool to make your business look more genuine etc,

[Seneca]

Can you elaborate mandatory to what, Entrepreneur visa?

[Olasunkanmi]

Business insurance is a standard requirement that a business need in order to transact with other businesses.
In business arena, no serious company will transact with a business that has no business insurance.

For the purpose of tier1 entrepreneur visa application, if you dont have a business insurance yet, the excuse should be that you are in the process of getting it either once visa is approved or you are already waiting to get one once you commence a contract for a client.

If you have the notion that business insurance is not mandatory, how on earth do you decide to invest 50k/200k without an insurance which cost as low as £200 p/a to get. It goes against business or investment logics to assume that insurance in not necessary.

[mohammed1980]

Business insurance is a standard requirement that a business need in order to transact with other businesses.
In business arena, no serious company will transact with a business that has no business insurance.

For the purpose of tier1 entrepreneur visa application, if you dont have a business insurance yet, the excuse should be that you are in the process of getting it either once visa is approved or you are already waiting to get one once you commence a contract for a client.

If you have the notion that business insurance is not mandatory, how on earth do you decide to invest 50k/200k without an insurance which cost as low as £200 p/a to get. It goes against business or investment logics to assume that insurance in not necessary.

Hi, Olasunkanmi, your replies are always meaningful.
However, could I ask one thing, how is business insurance only £200/annum?
Does this not include employer's liability + general liability +professional indemnity ?

Kindly advise. thanks in advance.

[cpmlkhan]

Hello Mohammad1980, Depends on the nature of your business If your business is service based need Professional Indemnity + liability . So it's all on your business nature. & yes it is compulsary to have business insurance to get visa coz when you show that you are in trade contract, your client need need your insurance info as well before start any contract. Hope this will clear you all.

[mohammed1980]

Hello Mohammad1980, Depends on the nature of your business If your business is service based need Professional Indemnity + liability . So it's all on your business nature. & yes it is compulsary to have business insurance to get visa coz when you show that you are in trade contract, your client need need your insurance info as well before start any contract. Hope this will clear you all.

Thanks

[pakhtoon77]

thanks everyone for there response.
my business is services related and its a business consultancy firm. I did not provide business insurance and luckily its not mentioned in the refusal reason. my solicitor suggests that since the visa has not been issued yet, I am not required by law to make the 50,000 investment yet, and that's my defence for not having business insurance. he also suggests that if asked by the HO rep in court about the business activities since applying for visa, so I should say that how could I make the 50 k investment since I am not sure whether I will get the visa or not. and unless the visa is not issued, its enough that I have 50k in my uk account.
what do you guys think. my appointment is tomorrow with solicitor regarding sending the bundle...so any opinion before that will be highly appreciated since I can discuss it with the solicitor.
kind regards
mahmood

[Olasunkanmi]

@ pakhtoon77, you might not be ask about the business insurance during appeal hearing unless if HO representative decide to ask you the normal interview questions which also includes the question on business insurance.

Also if your last leave was PSW visa, then HO requires that you carry on with you business activities and also start your investment plan, so giving the excuse that you are waiting for visa before starting investment might not be a goo excuse. I will advice that you give the excuse that you are still seeking more contract and some of your prospective clients want to see your passport before starting business with you.

[shussain452]

Hi all which type of insurance I need I have just public liability insurance. I m applying in a day or two I don't have employs insurance as I haven't employed any one yet.
Plz guide
Thanks

[mohammed1980]

Hi all which type of insurance I need I have just public liability insurance. I m applying in a day or two I don't have employs insurance as I haven't employed any one yet.
Plz guide
Thanks

You dont have to submit insurance copies with your application. But if you are called for interview, they will definitely ask you about the kind of insurance you need for your business.

[shussain452]

Thanks for your reply so what kind of insurance will a marketing consaltancy firm need

[cpmlkhan]

Thanks for your reply so what kind of insurance will a marketing consaltancy firm need

Hello mate,

You need Professional Indemnity insurance & employer liability. Just get from simply business.
Best Of Luck