It is one of those costs that sometimes can be 'saved' but then prove costly later. The types of insurance that you may be applicable are: Public Liability (essential if you are dealing with members of the public), Employers Liability, Professional Indemnity, Key Man, Director's Insurance, Equipment, Buildings & Contents Cover, Motor Insurance, Goods in Transit, Legal Expenses Insurance.
Speak to a reputable broker if you are in any doubt.
Ensuring a new business needn’t be complicated and a little time spent planning what needs to be arranged from day one, will avoid unnecessary problems in the future.
If like many start-ups you are going to work from home, you will almost certainly find that any existing car or household insurances will need to be upgraded or changed.
Your policy will need to be extended to include business use – even if the only business journeys you make are to the post office. Motor insurance is a compulsory insurance, so it’s important to make sure that the cover you have is right.
Household insurance (Buildings and contents).
Whether insured separately or together you will need to let your existing insurer know that you are working from home. However your household policy will not be suitable for business purposes, regardless of whether customers or clients visit your home. Separate arrangements will need to be made, although many insurers are now able to offer specialist homeworker insurance policies that can combine both personal and commercial insurance needs.
Of course if you are letting out your property, you will need to arrange a Landlords insurance policy as a household policy simply won’t do.
Whether working from home or from business premises, it’s important to insure your property, especially your stock and computers. If you have any portable items like phones and laptops, don’t forget to arrange insurance for when you take them outside.
Employers Liability insurance.
If you intend to have employees, the law requires that you arrange Employers Liability insurance.
Public and Products Liability.
Whilst not required by law, should be considered a must and you may find that many of your clients insist that you have the cover.
Professional Indemnity insurance.
If your business is a service rather than the supply of a product, Professional Indemnity insurance should be considered. You might find that your clients insist that you have this cover and if you choose to join a Trade Association, it may be a condition of membership.
Business Interruption insurance.
If you should be unfortunate enough to sustain a loss such as a fire, flood or theft at your premises, then there are likely to be significant costs keeping the business going and replacing lost profits. Business Interruption insurance should be seen as a must and the level of cover and the period of interruption that it covers, should be carefully selected.
Goods in Transit Insurance.
Directors & Officers.
Combining different types of insurance cover under one policy, may work out cheaper and can avoid gaps in cover.
Check any contracts that you are asked to sign to see if insurance is a requirement and at what level, especially for Public Liability and Professional Indemnity insurance covers.
Some insurance providers offer interest free monthly instalment facilities so do ask what’s available – great for helping with your cash flow.
If you run your own business in England and would like to learn more about business insurance, we have compiled a library of useful resources and frequently asked questions which we hope that you will find both interesting and useful.
A K Business Services Ltd
A K Business Services can arrange various insurance policies for the start up and small business. We understand that no two businesses are the same. We like to get to know our clients and their business, we can then seek out policies that meet the particular clients needs. A K Business Services Ltd is an appointed representative of Ten Insurance Services Ltd which is authorised and regulated by the Financial Conduct Authority 08433 081391
Business insurance Broking Services Ltd
Independant Commercial Insurance Broker providing no-obligation quotations for a wide range of business descriptions. Based in Rawtenstall, Lancashire. 01706 210704
We are sure that along with almost every business in the U.K. today you would like to reduce overhead costs, especially if this can be done with minimal disruption! With access to over 180 commercial insurance specialist agencies, we can provide you with a competitive alternative to your current arrangements. We will discuss your individual needs prior to the renewal date on your existing cover and will be happy to arrange a no obligation quotation. 0845 177 1317
Direct Line For Business
Looking for competitive business insurance visit direct line for business, specialists in business insurance. See website for more details
First Critical offer Critical Illness Cover, Life Insurance and Income Protection Cover. All you have to do is fill in your details once and you will be given comparative figures for the whole market. 01292 470555
Gauntlet Group Glamorgan
We provide insurance to new businesses in the South Wales area covering a wide variety of sectors. In particular, we have specialist schemes for Coach and Bus, Construction firms, Scaffolding Companies, Freight, Hauliers, Shops, Pubs,offices and surgeries......to name a few. We offer a personalised service and are proud of our Client testimonials and business roots that we have established in the area. 01443 206217
George Baker Limited
Commercial & Corporate Insurance Brokers specialising in insurance solutions for all types of businesses - including Residential & Commercial Property Owners, Professionals, Warehousing, Shops, Offices, Pubs, Restaurants, Hotels and many more... 01273 603 066
IFA Compare allows people in Liverpool to find and compare Independent Financial Advisers in their area for free to ensure that their money is in the safest possible hands 07501 040 891
iPhone 4 Insurance: Protect your valuable - and very stealable - iPhone. Want to get covered for theft, water damage, rogue calls and much more? We know very well how much you value your iPhone. Aside from the fact that it took you a lot of sacrifices and money to buy that phone, it is also an important gadget as far as communication and entertainment is concerned. We know that it keeps you connected with your loved ones and that it keeps you entertained as you go along with your day. It may even be the number one thing in your 'can't live without' list. And we understand how much you want to protect your precious gadget and we know exactly what you need to protect it. 01792 785671
Protection Insurance Specialists based in Cheshire. We work whole of market, working with Legal and General, Aviva, Prudential, Zurich to name a few. Businesses - From small enterprises to large PLC's we have solutions for the business, its key people and its employees. Employee benefits are wide and varied from Group Medical Insurance to Group Death in Service Schemes we can look at all these areas and provide you with competitive prices for the required cover. 01270 586626
Kennet Insurance Brokers
Local insurance broker, established for over 30 years. We have facilities with all major insurers, and also placing capabilities in specialist markets as well as at Lloyds. We have many local clients, but we do in fact write business all over the UK. Facilities available to spread premium payment. Whether you are working from home, or setting up in a small industrial estate, give us a call, without obligation or cost, to see how we can help. 01635 860505
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