Top Tips for Insurance your Startup Business

 
 
 
 
Starting your own business has never been more popular. In 2014, more businesses were started in the UK than any previous year and 2015 looks to be no different.
 
If you are unsure of your Insurance needs then contact Needham Insurance Services on 024 7632 6213 now or contact us through the website here to discuss your options.
 

Even the smallest of business need insurance against risks that they face. These are our Top Tips for entrepreneurs to ensure that you are protect your business.

 

1 - Prepare for the worst case scenario

 
Nobody likes to think the worst that can happen but it is essential to ensuring that your company is protected from all risks. Think about every aspect of your business, what could go wrong? What could you not work without? What needs protecting? Look at the bigger picture, you may save a few pounds on insurance premiums now, but if you have to make a claim, you could lose thousands.
 

2 - Treat your home like and office

 

[H3] Many startup businesses begin at home, however you still have insurance obligations. If you have members of the public including clients, suppliers or consultants visit you at home, you need cover to protect your legal liability in the event of an accident in your home. They have an accident in your family bathroom, but they are still at work and can claim against you.
 

3 - Check your legal requirements

 
If you have any employees in the UK, even part time volunteers then you are required by UK law to have Employers Liability Insurance with a minimum of £5 million worth of cover. For each day that you are not covered you could face a fine of £2500. Check the requirements of your governing body if you have one and make sure you meet these. If you drive for work, taking deliveries for example, you need to make sure that your Motor Insurance policy covers this, if not then you are driving without insurance.
 

4 - Consider the value of your work to your customers

 
[H3] If you provide a service, whether this be work or advice, then you need insurance you protect your work if it goes wrong. If you give a client financial advice for example in a professional capacity and it has a negative effect on your clients’ business or well being then you could be held accountable, even if you gave the advice is good faith. Similarly, if some work you do goes wrong, potentially damaging your clients possessions or themselves, you could not only have to repair the damage, but pay out compensation as well. Professional Indemnity Insurance will protect you work should anything go wrong as a result.
 

5 - Be honest with your Insurance provider

 
Many Startup companies use personal investment and there’s a lot at risk. If anything were to happen and you need to claim, or a claim was made against you, you need to be adequately covered to ensure that none of your hard work or capital is lost. However, you are only insured for what you tell your provider. Many companies never reopen after an accident, and this is primarily down to lack of insurance and improper cover. Disclose all information for your insurer so that your business is protected against all risks.
 
If you would like to read more about the types of Insurance you need, read our Buyer’s Guide to Startup Business Insurance here
 
Needham Insurance Services have been providing businesses across Coventry with Commercial Insurance for nearly 40 years. Our highly trained staff are able to answer all your insurance needs and our excellent relationship with our insurers allows us to access the best rates. You can speak to one of our professional advisers on 024 7632 6213 now or contact us through the website here to discuss your options.
 

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