You’ve invested all your hard work, energy, ideas, and money into the business you’ve always dreamed would become a reality, and now it’s finally happening – your business is going live.
Stepping out into the world of business can be a stressful time – one full of anxieties and what if’s. To help ease the pressure of those what if’s, it may be wise to consider taking out business insurance.
The basic elements of business insurance include cover such as public liability insurance, professional indemnity insurance, and employer’s liability insurance. While these three types of cover form the core of most business insurance, you can also add on extra cover levels to suit your exact needs. These may include cover for your tools if you work in the trade industry, business building insurance if you have your own premises, and cover for any business equipment you may have too.
The level of business insurance you decide to take out all depends on your own personal circumstances and requirements. However, if you employ staff then, by law, you must take out employer’s liability insurance which will cover you to a minimum of £5 million. This will ensure you are protected should anything go wrong to a member of your staff while they’re at work.
For everything else, there’s business insurance. And while it’s not a legal requirement, it can really help ease your mind knowing that your business is insured whatever the eventuality. Plus, it could help you to win new work – that’s because many trade businesses will ask to see copies of your insurance to ensure everything is insured to the correct level, so it gives them peace of mind too.