If you are about to launch or have just launched a business, the first thing I would say is that no two businesses are the same, and therefore, each business will have its own specific needs and requirements when it comes to new business insurance.
Because no two companies are identical, its important to remember that one size does not fit all.
What to consider for your New Business Insurance policy
Here’s a few key areas that I’ve noticed a lot of businesses consider lately, which may provide some food for thought:
Property Damage Insurance
Some businesses operating from a premises may need to insure against damage to the buildings, contents, machinery, plant or stock.
Business Interruption Insurance
This is a wide and complex subject, buy in its simplest form, Business Interruption insurance can cover the revenue/profits of a business (depending on requirements) that could be lost following insured damage.
Another very wide and deep topic – businesses call upon this cover in the event that a third party takes a court case against them citing property damage or injury through alleged negligence. Liability Insurance can include Public Liability, Products Liability and Employers Liability Insurance. For information on the legal requirements surrounding liability insurance, see the Employers Liability (Compulsory Insurance) Act 1969. The HSE website provides a wealth of free downloadable information on this and related subjects.
Professional Indemnity Insurance
Businesses offering advice and/or design often purchase this cover to protect themselves in the event of a professional error/omission which causes a third party (often a customer/client) to suffer a financial loss.
Get the right New Business Insurance for your company, at a competitive price
Hopefully the above will give you a feel for the sort of areas you should consider when looking into New Business Insurance. As you can see, a business can be exposed to risk in many ways.
It is therefore essential for any business, particularly a new one, to seek professional advice in terms of their Insurance requirements.
Every business will be exposed to various forms of risk, which must be explored fully with a professional in the industry.
To get further advice and no obligation quotes, contact us to discuss your requirements.
Evans Insurance Brokers – Insurance Brokers in Essex, serving clients throughout the UK.
“Due to the nature of our business we needed some expert help to find the right product, public and employee liability insurance cover. Daniel provided excellent service” – Rob van der Linden, IOT Research