Taking the jump to go self employed or start your business is very exciting. Whilst starting a business can be time consuming and confusing at times with all the paperwork that needs completing, insurance doesn’t need to fall into that category.
At Insurance Connections, we will run through some of the possible insurance policies you may need when starting your own business.
Professional Indemnity Insurance
If you have started a business where you provide advice, Professional Indemnity Insurance is quite important.
A potential client can make a claim that you have given them ‘bad’ advice or led to them losing money, damaging their reputation, losing a client or damaging their business or personal life in some way. A professional indemnity insurance policy can cover the legal costs, compensation and data loss.
You may consider Professional Indemnity Insurance if you’re becoming a self employed:
- Financial Advisor
- Mortgage Advisor
- Consultancy (in any sector or industry)
- Marketing
- Builder or Architect
- Engineer
Public Liability Insurance
Public Liability Insurance is the most common type of insurance policy amongst those who are self-employed or started their own business. From a client injuring themselves whilst visiting your premises or becoming ill from your product, this will cover you against any claims against the public.
A lot of policies usually start by offering to cover up to £5million however, more cover is available if you need it.
Employers Liability Insurance
Once your business starts to grow and you find that you need to hire employees, whether it’s full time, part time or volunteers, you must have Employer Liability Insurance.
Employers Liability Insurance is a legal requirement in the UK and will cover any claims that an employee may make against your business. This includes but is not limited to injuries whilst on the job, workplace stress and illness because of working conditions or products.
Equipment, Stock and Content Insurance
If your business involves selling a product or uses specialist or specific equipment, you probably want to ensure that they’re covered if they were to be damaged, lost or stolen.
From your laptop that you use every day, the equipment you may take out to do a job such as a camera and lights if you’re a photographer or machines that are kept on site such as embroidery or stamping if you own a personalised clothing business for example.
If something went missing or broke that as a result, stopped your business from running, it’s probably best to get it insured. An insurance policy pay out can help with the expenses of getting it fixed or replacing it.
Commercial Vehicle Insurance
If you’re using your vehicle for business purposes, it’s best to get the right level of cover. As failing to do so, can lead to an insurance claim not being paid.
Personal Car: Check with your current insurer the level of cover you have and if you need to, add business use to your policy.
Fleet of Vehicles: As your business grows, you may acquire a few vehicles which will need business use insurance cover. Switching from individual motor insurance policies to a fleet insurance policy, all your vehicles will be covered in 1 policy with one renewal date.
Depending on your business’ activities, you may require extra types of cover for your vehicle or to cover your business’ purpose. This can be cover such as Courier and Goods in Transit whilst Breakdown Cover is available for anything unexpected.
We’ll find you an Insurance Solution
Insurance is what we do best so leave it to us, the professionals, we’ll learn about what exactly your business does and obtain a quote to meet your business’ requirements. With years of experience, we’re confident that we will be able to find you a tailored insurance solution to cover your needs at a competitive rate.
Get in touch with our team today on 01270 449449 or complete our enquiry form and we’ll be in touch as soon as possible.