The thing is there is quite a simple answer for this one. If you dont have business insurance then you really could get into serious money problems if someone tries to bring something against the company. The thing is if you are a small company then it is very unlikely you are going to survive a potentially huge court process as well as a possible payout of thousands.No insurance company is going to want to even look at insuring you if you wait until after you have been hit the first time, even if they do it is likely to cost you at least double it would have dione in the first place. So my advice to any company without insurance currently is to go out and get it today.
Of course costs from the actual event arent the only costs you are going to have to pay if you dont have any insurance. The court costs are sometimes huge and for a small business there is no way you will have a chance. It is also put on the company to pay for all of the law costs such as lawyers and solicitors. It is not worth having no isnruance at all because its only a few extra pounds on the company a month compared to what it could be if something happens. It is especially as important in the current downturn because the companies that are surviving would love to see their competitors wiped out and why give them the extra chance when you could stop this with a bit of insurance.
not only this but many people will just simply not join a company with no insurance as if something does happen to them whilst working there then they do no want to go though the lengthy court battle.
So even if you are a small firm, having general business insurance and more specific cover such as professional indemnity insurance and business van insurance could benefit you. Instead of risking going out of business you could simply claim on the insurance and send the company further!