What it means
Do you speak English? 会 marks a learned skill, so it's the right verb here.
When to use it
Swap 英语 for any language: 日语 (Japanese), 法语 (French). A lifesaver in a pinch.
What Chinese people actually say
Say this instead: 你会说中文吗？(nǐ huì shuō Zhōngwén ma?)
Worth knowing the direction of this question. Inside China, asking a random person 你会说英语吗 will usually get you a polite no. The more useful move is to be ready for the reverse question — 你会说中文吗？ — and to have 一点点 (a little bit) handy.
Examples
nǐ你huì会shuō说yīng英yǔ语ma吗？wǒ我bù不tài太huì会shuō说zhōng中wén文。
Do you speak English? I can't really speak Chinese.
qǐng请wèn问，nǐ你huì会shuō说yīng英yǔ语ma吗？
Excuse me, do you speak English?
tā他huì会shuō说sān三zhǒng种yǔ语yán言。
He speaks three languages.
The full set of survival phrases for greetings, dining, shopping, and getting around, each with audio.