This depends on the business in question as some companies are required by law to have insurance depending on their sector. For example, solicitors and accountants must have professional indemnity insurance. Likewise, it is a legal requirement within the UK to have employers’ liability cover if you employ staff.
While most insurance isn’t mandatory, your business could suffer financially without the appropriate cover. What’s more, your clients may ask you to have insurance before starting a new relationship. So, why take the risk? Protect yourself today against mistakes, accidents, theft, damage, and legal fees.