It's not just large and established businesses that require insurance, but new, fledgling start-ups too. However, when you're first starting out, cash is strapped and your time is precious, so understanding exactly what cover you need and don't need could be the difference between making a profit or not.
Here our expert insurance brokers list the basic protection any new organisation needs:
Public/General Liability Insurance
This general insurance is a must-have as it covers a broad number of areas. Primarily it is used to protect company assets and cover legal expenses if your organisation is accused of causing property damage or third-party bodily harm. For example, if a product you sell overheats and catches fire causing damage or injury.
Find out more about public liability insurance in our blog post 'What is Liability Insurance? The Basics Explained'.
Employer's Liability Insurance
If you will be employing staff, you are required to take out employer's liability by law. So, if a new employee gets injured on your premises or by your products, any compensation or legal costs will be covered.
This is especially important for young businesses as a large compensation claim could cripple cashflow and cause a start-up (without substantial savings) to shut up shop.
Buildings and Contents Insurance
As a new business, the biggest outlay you will likely have is purchasing stock and either leasing or purchasing premises. Therefore, it stands to point that these assets should be covered by a detailed insurance policy.
Commercial property insurance can cover the building and its contents from damage or theft. So, should there be a flood, a break-in or any other kind of unfortunate event, your livelihood will be protected.
Professional Indemnity Insurance
Like contents insurance will protect your stock, professional indemnity insurance covers you for the advice or services you provide. For example, if a new customer feels your service does not meet their expected standards they may seek compensation.
In such a case, the legal expenses and payout could be huge, but professional indemnity insurance would cover these costs.
Keep Start-Up Insurance Costs Down by Comparing Cover
Whether you're a new start-up or an established chain, we can protect your business and provide you with peace of mind in mere minutes.
Our knowledgeable experts will use their experience of the industry to provide you with numerous options and advise on what protection is recommended for your situation. We can then compare a huge range of insurers to find a deal that suits your needs and your budget.
Whatever your business insurance needs, compare online with us today or get in touch for a quote.
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