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. Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read... Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs. Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives. Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students. SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis. 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms. Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community. Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
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- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.
