As a fledgling start-up business, if you’ve had little experience of running a business in the past, you’ll likely need as much help as you can get to make sure you start as you mean to go on. Business plans, marketing strategies, tax and insurance are just four aspects of a new business that need to be addressed and, if you’re clueless about where to start, expert help can be very much appreciated.
Once you have your business plan and funding sorted and you’re taking the first steps in your new business niche, take a look at business insurance from Hiscox. Regardless of what sort of business you’re starting, it’s likely that you’ll need insurance of some sort. Professional indemnity, public liability and employer’s liability are just three of the types you can choose from, with the basic information about the major contenders outlined below.
Of course, there are also plenty of other options for business insurance by industry, such as shop and tradesmen insurance that ensure your premises and equipment are covered. Make sure you take a look at these options too, if you feel your individual needs require more tailored insurances.
Professional Indemnity Insurance is essential if your business will be providing a service or advice to customers and clients. As a professional, if you provide advice that is relied upon and something goes wrong because of the advice you gave, you could be on the receiving end of a compensation claim.
Employer’s Liability Insurance is an absolute must if you’re planning on hiring staff for your business. Make sure you take out this insurance beforeyou employ anyone, so that if they are ill or injured because of working for you, you’re covered.
Public Liability Insurance isn’t compulsory but if you’re planning on working with other businesses and clients, they may decline your business unless you had it. It covers your back should property, or persons, be damaged or injured due to the nature of your work.
Essentially, these insurance options are there to cover your back and, as a fledgling business, you’d be foolish not to take out the relevant policies. If a compensation claim was raised against you, you could lose everything if you didn’t have the appropriate cover, making your business a failure statistic before it’s even got off the ground. Give yourself the ultimate peace of mind with the right business insurances.