Could anyone please help
I work in a startup company. Just hired first 2 employees and therefor had to buy employers liability insurance. However insurer along with employer liability insurance also included public liablity and product liability. I think that it was their gift for me for the same price.
Should public/product liability insurance be reported to hmrc as expense/benefit(employee liabilities and indemnity insurance section) in employees p11(or its substitution) or is it a totally different thing? The invoice was issued to the company, only company name is in policy. However it is stipulated that there are 2 employees.
Replies (4)
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None of these insurances should go on the P11Ds. If you don't understand this speak to your accountant.
RM
Insurance for directors & officers of the company to cover them for claims made against them personally.
This sort of cover is often held by large consumer orientated businesses.
Public & product liability insurance covers the business for claims against it by its customers etc. Employer's liability insurance covers the business for claims made against it by its employees (e.g. if they suffer an accident at work).
RM