For businesses that are just getting off the ground, life can be very precarious. Costs must be kept as low as possible, and all setbacks and unexpected expenditure must be avoided. If the worst does happen, your new business could go under before it even really gets going. This is why you need to put the right preparations in place.
In order to properly protect your business and safeguard it from harm, you will need to take out insurance. If you have only a limited budget to spend on insurance, you will need to prioritise when choosing from the many different kinds of small business insurance policy there are available.
Firstly, you need a buildings and contents insurance policy designed especially for businesses. If your business premises should be targeted by thieves or vandals, or go up in flames, you need the right insurance in place.
A legal requirement for all businesses with staff is employers' liability insurance. So, if you have even one employee, you will need to get it. This insurance policy covers the costs of compensation that will be paid to one of your workers if they become ill or injured at work, and a court decides that you are liable for what happened.
Does your business provide a service of any kind? If so, then a top priority should be to get professional indemnity insurance. With this kind of policy, you are protected against the potentially astronomical costs of lawsuits and accusations relating to professional negligence.
Public liability insurance is the final policy you should consider getting. Although it isn't a legal requirement, this kind of policy is useful because it covers the cost of compensation awarded to a member of the public if they are injured on your premises and you are found to be liable. Without public liability insurance to protect you, your new business could founder in this kind of situation.
In order to properly protect your business and safeguard it from harm, you will need to take out insurance. If you have only a limited budget to spend on insurance, you will need to prioritise when choosing from the many different kinds of small business insurance policy there are available.
Firstly, you need a buildings and contents insurance policy designed especially for businesses. If your business premises should be targeted by thieves or vandals, or go up in flames, you need the right insurance in place.
A legal requirement for all businesses with staff is employers' liability insurance. So, if you have even one employee, you will need to get it. This insurance policy covers the costs of compensation that will be paid to one of your workers if they become ill or injured at work, and a court decides that you are liable for what happened.
Does your business provide a service of any kind? If so, then a top priority should be to get professional indemnity insurance. With this kind of policy, you are protected against the potentially astronomical costs of lawsuits and accusations relating to professional negligence.
Public liability insurance is the final policy you should consider getting. Although it isn't a legal requirement, this kind of policy is useful because it covers the cost of compensation awarded to a member of the public if they are injured on your premises and you are found to be liable. Without public liability insurance to protect you, your new business could founder in this kind of situation.
About the Author:
Lucy Truce is a widely respected writer who has been writing for 5 over years often writes on John Heath Insurance Brokers and a wide range of other subjects.
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