Company Insurance
Whilst starting out in business is an exciting time for any entrepreneur –it’s also important that the practicalities of safeguarding your business are in place. That’s why knowing what business insurance is compulsory and finding the right policy for your business, is an important part of starting a business.
The British Insurance Brokers Association has registered a concern that many small businesses are not making adequate insurance provisions.
Reason for this may be finding the right insurance policy, which can often prove to be a complex and bureaucratic process, however, not having effective cover in place does pose a potential threat to your business –and so you should explore all available options to get the right cover for you.
Compulsory Business Insurance
Public Liability Insurance.
Though this is not a legal requirement, it should be seen as obligatory. This is insurance against damage to property or persons at work. Many companies will not consider doing business with you if you who haven't got this area covered.
Liability Insurance
Most businesses require some form of liability insurance; the most common one is Employer’s Liability.
Before becoming an employer, make sure you have this in place and if you are considering establishing a limited company you should be aware that taking out this policy is a legal requirement.
Professional Indemnity Insurance
If you provide ‘advice’ –then in order to protect yourself against errors and unforeseen eventualities, you need to take out Professional Indemnity Insurance. This was once more commonplace with Solicitors and Accountants –however, anyone providing ‘advice’ as their core business service should be covered.
Office & Contents Insurance
And then there’s your ‘environment’ and all important equipment to protect. Whether your office is in your home or in the garden –there are a range of insurance policies available to fit your requirements.
Choose a specialist ‘small business’ insurer –they’ll be able to tailor insurance solutions that work for you.