Workers' co-ops and insurance

We are an audio transcription workers' co-op (currently 3 members, but potentially looking to expand) who all work from home, so we don't have an office or any corporately owned equipment.

We have had a few potential clients (universities and charities) recently asking us to provide them with details of insurance (which we don't have), and in some cases other stuff like health and safety policies. I don't know how much of this is them not being familiar with how workers' co-ops work (and thus having forms etc that are more suited to larger companies with a more "mainstream" structure) and how much of it is a problem that we are not going to be able to find a way around. I don't really know what the cost of insurance is or whether we can afford it.

On this page https://www.comparethemarket.com/business-insurance/content/a-guide-to-the-different-types-of-business-insurance/ it says:
Employers’ liability insurance – for any business with employees
You’re legally required to have this insurance if you have
any employees at all, even just one
– temps, part-time or full-time. It can help cover the cost of claims made against you if an employee is injured or gets ill while working for you

I don't know whether this still applies if all employees of a company are directors (I know some other stuff like minimum wage legislation doesn't). Does anyone know for sure about this?

Sorry if this is formatted oddly, Loomio seems to have changed how posting threads works.

At Agaric we're similar, our legal form is an LLC partnership and getting general liability insurance was good enough for a university we worked with (other universities and businesses never required that).

Regardless of whether all of your employees are directors or not, they will very likely be considered to be employees if they do work for the co-op and get paid for that work. Employer's liability insurance is a good thing to have, as is a health and safety policy. If your people are all working from home then the need for a health and safety policy is probably even stronger, as you don't have the same level of control over the working environment. And when one of your team claims because they've tripped over a trailing lead and broken their leg brought on by poor working conditions you'll be really glad of the insurance, and the policy.

As far as Health & Safety at Work Act and Employment Law are concerned, your Directors are employees. You need that employer's liability insurance. I'd recommend professional indemnity insurance in case someone provides a transcript that is erroneous, and the customer suffers consequential loss as a result. You can normally get all those policies rolled into one. I and other co-operators I know have used PolicyBee and Hiscox but there will be others out there. As @graham2 says, get all your policies in place. They provide your coop with protection and can provide members with good conditions.