In order to ensure the success and sustainability of your new business, a solid insurance policy to protect your investment, assets and reputation as well as income is a must. Whilst the only insurance that is a legal requirement for a new business is employer’s liability insurance if you employ other people, even on a casual basis, and road risk insurance if you use a vehicle for your business, it would be foolish to put your business at risk without any form of other insurance as protection.
Insurance for your new business can protect against loss of income, unexpected events that could cause interruptions to business, loss or damage of tools and equipment as well as legal fees if an employee, client or member of the public makes a claim against you. Whilst every business is unique and needs a bespoke policy for its requirements and risks, there are several things that you should consider such as:
- Public liability insurance – will protect against claims of bodily injury, property damage and personal or advertising injury.
- Property insurance – covers the business’s physical assets, such as buildings, equipment and inventory, against fire, theft and some natural disasters.
- Business interruption – will compensate for loss of income during periods of forced closure or interruption.
- Employers’ liability – covers medical treatment, disability and death for employees injured on the job.
- Professional liability – is essential for businesses that provide services, and insures against claims of negligence, misrepresentation and inaccurate advice.
- Other liability coverage can include products that the business makes or sells, cyber threats and attacks, and company vehicles used for the operation of the business.
Starting out with a new business can be daunting, and getting the right level of insurance coverage will help give you peace of mind that frees your energies to develop your business, without the stress of ‘what ifs’. Consider getting several quotes from various brokers so that you can properly compare the coverage and cost, and make sure you check the reviews of each so you can be sure of the best level of customer service and response should you need to make a claim.
Our team at Prime Cover are experts at helping clients find the right insurance coverage for their new business, with over 40 years of combined experience. Get in touch today to receive a free, no-obligation quote for new business insurance.