Section 143 (3) of the Road Traffic Act 1988, which deals with uninsured driving, states the following:
"(3) A person charged with using a motor vehicle in contravention of this section shall not be convicted if he proves�
(a) that the vehicle did not belong to him and was not in his possession under a contract of hiring or of loan,
(b) that he was using the vehicle in the course of his employment, and
(c) that he neither knew nor had reason to believe that there was not in force in relation to the vehicle such a policy of insurance or security as is mentioned in subsection (1) above."
In short, you've got a statutory defence in regard to any possible prosecution for driving with no insurance. (The CPS shouldn't charge you in the first place. If they do, the court should throw the case out).
Companies are normally held responsible for accidental damage caused by their employees in the execution of their duties so, assuming that you were to blame for the accident, your (ex-)employer should pay for the repairs to the other vehicle (and, of course, to their own).
Chris