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.
You might think that the titles are fairly self-explanatory but like most things in business appearances can be deceiving. Here are some tips, courtesy of accountancy experts Howlader&Co, on how to generate substantial profits by maximising productivity in your startup. The Manchester based startup that is on a mission to transform the energy system... Developing Experts empower teachers and parents to teach science with confidence and ease, with an ever-growing library of interactive, online science lessons. Startups focused on Connected Digital Mobility, including connected vehicles, autonomous travel, smart cities, future transport services, take note! The online marketplace where you can buy goods directly from independent retailers all in one place. With the aim of reaching 1 million classrooms and kitchen tables by 2021, EdTech startup Makematic have raised £1m to help brands connect with education through bitesize content. AI: Artificial Intelligence, currently the buzzwords about town betwixt the tech-savvy among us. So will robots become part of the family as our pets have? The startup that has created a biologically active food expiry label to help combat food waste... The startup that is "saving and improving human lives with artificial intelligence analytics for healthcare". KeepAppy, is a personal wellness app, designed to empower users to take control of their mental and physical wellbeing, and enable people to track all of the vitals that most impact an individual’s wellbeing.
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