When it comes to setting up a small business, there are just so many aspects you’ll need to consider, and ensuring you’ve picked the right insurance is one of them. If you do a little research you’ll discover that there are probably more insurance options than you first thought, for instance, take a look at the variety that Catlin US provides, but when it comes to insurance, what are you legally required to insure and what are the non-compulsory options you potentially want in place for your business? Obviously this abundance of information can seem a little daunting, especially if you’re a first time business owner, so we have put together a simple list of insurance to consider when it comes to protecting your small business.
Businesses at Home
More and more people are using their home as their office when starting up a new small business, and why not? After all, it does allow you to save money through not forking out for rent and so many of us already have all of the technology or equipment we need in our homes. Unfortunately, setting up a business from home doesn’t exempt you from purchasing business insurance, and even if you already have Household Insurance in place, you’ll still need to declare your business and discuss your options with your insurer.
You may already have Contents and Buildings insurance to cover your home, but this will need extending or even replacing and you need to make sure you let your insurance company know as soon as possible to ensure your business is fully covered and good to go.
Covering Your Commercial Building
It simply may not be viable for you to run your business from home and so you may have to seek an alternative location for housing your business. If this is the case, then you will still need to take out Property Insurance to cover your company against anything concerning loss and damage. Not only does this cover you against eventualities such as fire or smoke damage, or damage due to bad weather, but it also covers you for loss of income too.
Prepare for Every Eventuality
In any business, there are a whole host of things that can go wrong, be it customer or employee related, which is where General Liability Insurance comes in. General Liability Insurance is there to cover you against pretty much everything imaginable in terms of negligence leading to accidents and accidental injury and is something all small businesses should have in place. Whether it’s medical expenses, damage to your property or even slander, General Liability Insurance has you covered.
Cover for Those Providing a Service
No matter what the nature of your business, errors are bound to happen – no matter how careful you are. Professional Liability Insurance is there to cover you and your customer base should things go wrong at work, this also includes protection against negligence. This is definitely worth considering, as things will and so often do go wrong.
Perhaps you use a vehicle as part of your business, it may be being used for delivering your goods, or it could be that your small business is a courier business, but you need to ensure that you have the correct insurance to cover the vehicle, the contents on board and the person driving too. Often your standard Motor Insurance won’t actually cover all of these aspects if you are using it for business purposes, and so it’s extremely important to check with your insurance company before using it as such.
As you can see, there is plenty of scope for things to go wrong, no matter how small your business, but luckily there are also plenty of options available to you in terms of cover.