Do I need Business Insurance - Startacus takes a look at the options

by Startacus Admin
Are you struggling to answer the question ‘Do I need business insurance?’.
As Michael Jackson once famously sang ‘you are not alone’. I’d wager dollars to donuts that this question is one of the most common that we get asked here at Startacus (along with “Did you mean Spartacus?”).
It seems that as soon as the words ‘business’ and ‘insurance’ are uttered side by side in quick succession, most self-starter / startup type folks become fearful, bewildered and dangerously disorientated.
The level of cover which you need is ultimately dependent on a number of factors concerning your business including; its size, its industry, number of employees and so forth. For a personalised plan which suits the needs of your business ‘to a T’ you will need to contact an expert, but it certainly helps to have a good knowledge of the basics. So we have broken the issue down into a few more manageable (and less offensive) chunks.
What is Business Insurance ?
Businesses create risk, plain and simple. In the same way that a driver protects himself / herself and their vehicle from risks when on the road by taking out insurance, as a business self employed person / business owner you need to do the same.
Having good business insurance cover will protect you and your business from some of losses which can occur during the normal course of business.
We tend to think of business insurance as something which provides a financial safety net should a member of the public become injured whilst on your premises, and whilst that is one of the benefits of having insurance it also provides protection against loss / damage / theft of property and employee related claims.
What types of business insurance cover are there?
There are four main ‘types’ of business insurance cover within the UK, of which 1 or a combination of them should provide you with the insurance necessary to make water-tight your businesses security. The main types that we are taking a look at are Public liability Insurance, Employers' liability insurance, Property insurance, Professional indemnity.
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