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May 22, 2017

Starting up a Business: Insurance

Starting up a business can be a stressful and difficult time for all those involved, meaning things get lost and forgotten in the beginning. One thing that is usually overlooked during the set up is insurance for small businesses.

business-861327_960_720With over 80 companies being set up an hour, it’s important to understand that your business has different needs to the many others being started and so you will need specific insurance to cover it.

A good business insurance policy will cover your business in the event of anything going wrong and can also foot the bill for things like compensation payments and any legal costs.

Bespoke Support Network’s insurance experts have put together a list of the insurances a small business would need:

Professional Indemnity Insurance

This type of insurance covers the work you provide. For example, if you give advice or a service that customers are required to pay for, they could sue you or claim compensation if they feel using your service has cost them or they made a mistake.

Without Professional Indemnity Insurance, the expert legal support required to defend the claim against your company as well as any compensation to settle it could be expensive.

Public Liability Insurance

If you are running a home-workplace visited by the public or are visiting others on business, public liability cover could be for you. This insurance will cover you in the event someone is injured on your property and makes a claim, or if you accidentally damage a person’s property.

Business Equipment

Launching a business these days is often tied in with technology. For example, most business will invest in buying computers, software, phones and any specialist equipment you need. If you are working from home, your new business equipment will not be covered under your home policy so be sure to have your business equipment covered.

Personal Accident

As the founder of this brand new company, you will be the only one keeping this business afloat. In the event that you are unable to work due to injury, your income would be affected and so you should add personal accident cover to your business insurance. The insurance provider should be able to pay your wage until you recover from your injuries.

Are you starting up a new business? Bespoke Support Network Essex can find the right professionals to provide you with business advice. We have experts in all sectors; from financial planning to wills and probate services Essex.

Call our team on 0300 303 3441 to find out more about our services.

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