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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- Pixyle AI boosts fashion retailer sales by improving product discovery using AI 8th Dec 2022 Pixyle AI secures seed funding round to help fashion ecommerce deliver better search experiences, enabling consumers to get to their desired items faster.
- Norwegian proptech Speiz raises €1.3M to launch new European platform for warehouse leasing 5th Dec 2022 Proptech startup Speiz secures seed investment to support its mission of digitally transforming the broken brokerage market.
- BT pushes ahead with new sustainable digital solutions through its Green Tech Innovation Platform 1st Dec 2022 BT reveals new cohort of innovative startups aiming to help solve sustainability challenges in the manufacturing sector.
- Catalyst and Techstart offering startup co-founders the chance to win £10k proof of concept grants 30th Nov 2022 Participants in Catalyst’s Co-Founders programme offered opportunity to avail of a £10,000 proof of concept grant from Techstart to help validate their business idea.
