Are you starting your own business in 2019?

7th February, 2019

From creating a business plan to sorting out your finances, insurance is probably the last thing on your mind but this can be the sink or swim decision that save your start-up should a claim arises.

Setting up insurance for your business should be incorporated into your business plan with risks to your business present from day one, making the need to protect against this in the earlier stages of your business development vital.

If you’re unsure as to what insurance you might need, this is what a typical start-up might require:

Regardless of what industry or sector your business falls under, if you employ members of staff, you legally obliged to have Employers’ Liability Insurance. This is even the case if your employees are on a temporary basis. Cover can pay compensation costs and legal fees if an employee takes legal action due to injury or illness as a result of their activities under your employment.

Public Liability is not a legal requirement but we absolutely recommend it for any business that comes into contact with the public. This type of insurance protects you if you cause damage to a member of the public, a client, supplier or otherwise, or if you damage their property.

Professional indemnity insurance is usually recommended for businesses who give professional advice, recommendations or services. If you fail to use the degree of skill expected, you can be held responsible for any damage, harm or financial loss you cause to another person or business.

Even if you work at home, you need to have Buildings and Contents cover that protects your business activities and business stock as this is not typical covered under a standard home insurance policy. Your tools and equipment will also need to be insured as it could prevent you from working if they were stolen or damaged.

All of this can be arranged under a Commercial Combined Insurance package and can include additional covers specific to your trade.

Our packages can be arranged simply and quickly with minimal hassle to yourself. Speak to us today about your new Business Insurance on 0115 973 4437. Alternatively, click here to request a callback.

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