Financial stability, business success and insurance concept


When you are first setting up your company it is important to be aware of business insurance and whether it is advisable to look for combined business insurance in order to cover various instances. It all depends on the type of business you have, how many employees and your location, but insurance is essential in any circumstance.

Employer’s liability insurance provides protection against claims in an instance where an employee has suffered injury or illness as a result of an accident in the workplace.

Third-party motor insurance is a necessity if your business requires the use of vehicles. Despite this, fully comp is always advised rather than third-party insurance.

Professional indemnity insurance provides you protection against someone who has taken legal action against you for bad advice. This type of insurance is a legal requirement in the fields of law, accountancy and financial services.

Other types of insurance are usually optional from sector to sector but you should consider every aspect of your business and whether at some point you could need the safety net that business insurance provides.

Looking after your business premises is a priority and you should consider taking out buildings and content insurance on the premises itself and any stock, equipment and fittings you have within them. In the event of a fire, a flood or theft you will then be covered against the losses. Another option available in terms of premises insurance is to take business interruption cover in the event of a problem of a serious nature that has halted your business for a short period. This can assist you in keeping the business running until you can get back on your feet.

As a start-up business you will obviously be reliant on one or a small number of key individuals, including the owner and manager. By insuring your key personnel you can protect the business as a whole should the key people suffer long term injury, illness or death.

Public liability insurance is a necessity for businesses who offer a service or product that could potentially harm the public. It covers any damages and legal costs should a member of the public suffer injury, illness death or damage to their property as a result of your product or service. Product liability insurance can cover the costs associated with damage or injury caused directly by your products or products you sell.

In business, especially as a start-up business, it is best to have everything in place as you embark on trading. You never know what life has in store around the corner so best prepare yourself in every area of your business, from your business insurance to finances, staff and the set-up in order to manage the day to day running of your business.

Research business insurance thoroughly in order to find the best coverage and quote that is right for your start-up company. For everything else, take a browse through our pages to discover how we can help you look after your customer facing protocol with virtual answering services and meeting rooms, allowing you to concentrate on building your business using your key skills.

You can also join our Google+ Community “Startup in Britain” which is packed with help, resources and articles to get you started. Use it to get tips, advice and start building your network!

Back to Business Law