Setting up your own business can sure make you see red. Tape!
It can be a daunting process, not least because of the endless paperwork.
There will be a confusing mix of things you want, like and most definitely need. Spotting which is which is the trick.
Top of the list must be business insurance – but is it a legal requirement?
Whether or not you are legally required to have insurance depends on the nature of your particular business, and any regulatory bodies which you must comply with.
In the UK, the law requires that you have Employers’ Liability insurance if you employ any staff – even short-term staff, casual workers or contractors.
You may also find that regulators in your industry require you to have certain types of insurance in order to operate. For example, solicitors, accountants and some healthcare professionals are required to have Professional Indemnity insurance.
What else should you get? Taking out other business insurance policies can be a sensible precaution, covering you against potential mistakes, accidents, theft, damage and the costs of fighting legal cases. Consider the possible things which could go wrong, and how your personal finances could be impacted if you weren’t insured.
Every industry comes with its own high-risk areas. For example, food and drink businesses could benefit from Public and Products Liability cover, whilst landlords are likely to choose specialist Property Owners’ insurance. If you run a one-man-band, you may want Personal Health insurance in case you are unable to work due to injury or illness. If you operate a business premises, Office insurance, or a dedicated policy for your industry’s workspace, it’s a good idea in case of accidents and emergencies.
The best way to know for sure what your business’s particular circumstances require is to talk to an insurance broker, who can get to know your business inside out before recommending all the relevant policies for you in one package. That’s where our award-winning advisers come in. Get in touch to find out more.