Whilst the current climate may appear bleak to some, it has also created a healthy supply of start up businesses, and so I thought I would write a short note on New Business Insurance.
In my experience, Insurance seems to either be one of the first things that a new business will think about, or one of the last!
Either way, it’s important to protect your new venture with an Insurance policy that has been arranged to meet your specific needs.
When arranging Insurance for a new business, we like to get to know the business, learn all about what it plans to do, then create a template for a bespoke Insurance Policy that will protect them moving forwards. We then put that template out to market every year in search of the best deal.
This means (in our opinion), there can be no off-the-shelf advice in terms of new business insurance, but here are a few things you might want to consider:
If you plan to run your business from a premises, you might want to consider insuring your buildings, contents, machinery, equipment or stock against damage.
Business Interruption Insurance
This is a wide and complex subject in its own right, but in a very basic form, this can cover any revenue/profits to your business that might be lost as a result of damage occurring at your premises.
You will want to consider this cover seriously – this will protect your business if an Employee or Third Party (e.g. customer/supplier/member of the public) takes a court case against you, alleging negligence that caused them injury or property damage.
Liability Insurance can include Employers, Public Liability and Products Liability Insurance. For details the legal requirements regarding Liability insurance, see the Employers Liability (Compulsory Insurance) Act 1969. The HSE website provides a wide range of free information on this and related subjects.
Professional Indemnity Insurance
If your business will involve an element of advice and/or design, you might want to consider this to protect yourself in the event of a professional error/omission which causes a third party (often a customer or client) to suffer a financial loss.
These are just a few examples of things you might want to consider adding to your new business insurance.
Get an in-depth quote for your New Business Insurance
If you’re unsure what you need, or want to be sure to get comprehensive and bespoke insurance policy, contact us for your free no-obligation quotation.