What Insurance Do You Need When Starting a Business?

What Insurance Do You Need When Starting a Business?

There are certainly a lot of different things to think about when you start your own business. Building your customer base, marketing your brand, hiring and managing employees, and making sure that your customers are satisfied are just a few of the main things that small business owners need to do when first starting out. Along with this, you need to make sure that you are staying on top of your business budget. Running a new small business is not easy, and there are lots of things that might get overlooked, such as getting the right insurance. However, getting insurance is essential to protect your company from financial harm. So, what kinds of insurance do you need?

Public Liability Insurance

Insurance is crucial for your peace of mind and to make sure that your company is protected in the event of anything going wrong. If you work with members of the general public, then one of the main insurance types that you will need to get is public liability insurance. This type of insurance should be in place to cover your costs if a member of the public is harmed, or damage comes to their property in any way as a result of the actions of your business. To find the cheapest public liability insurance to cover your business, do a quick online comparison for quotes from different insurance companies so you can choose the best option for you.

Insurance for Your Business Assets

Many of the things that your business owns will be essential to its smooth running. Perhaps you own equipment or machinery that you would struggle to run your business without. It is important to have solid insurance policies for your essential business assets in order to protect yourself if anything happens to them. The last thing that you want is to struggle to continue running your business if equipment breaks down or is stolen. Insurance will pay out in this event, allowing you to carry on as normal.

Business Car Insurance

Do you have a business vehicle that you use on a day-to-day basis for your work? If this is the case, then you will need business insurance. If you use your personal vehicle for your business as well as personal use, then you need to be aware that your normal insurance policy will not cover you during the times that you’re using your car for business. In most cases, upgrading to a business insurance policy will be all that you need. However, this might depend on the type of business that you run. You may need to get specialist insurance if you use your vehicle for a delivery business, for example.

Cybersecurity Insurance

These days, most businesses are storing more and more data online, and it’s a case of when, rather than if, hackers will attempt to breach your small business network. Small businesses are often the biggest target for cybercriminals, as many do not have very strong security measures in place and may not realise that they are at risk due to the size of the company. Due to the increasing prevalence of cyberattacks today, cybersecurity insurance is becoming more and more essential for businesses of all sizes. This type of insurance will make sure that you are financially protected in the event of a cyber-attack or attempted attack and will help you protect your data and get your business back on track.

Business Premises Insurance

If you operate your business from an office, store, warehouse, or other business premises, then it makes sense to make sure that the building is insured. Whether or not you will be liable for insurance will depend on whether you own or are renting the space. If you are renting, it’s likely to be the responsibility of the owner to make sure that the building itself is insured. However, this doesn’t mean that you shouldn’t get any insurance. You should insure anything that your company owns within the building, making sure that you are protected in the event of a theft or a disaster such as a fire.

Employer’s Liability Insurance

If you are going to hire employees to work for your business, then you will need employer’s liability insurance. This is a legal requirement, and you will need to get a policy that covers you for no less than £5m. This insurance will help you pay any compensation if an employee of yours becomes ill or is injured as a result of their work. Hefty fines can be handed out of up to £2,500 daily if you don’t have this type of insurance.

No matter what kind of business you are starting, making sure that you have the right insurance in place should always be a top priority.

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