What to look for in your business insurance
by Startacus Admin
Deciding on the right business insurance for your company can be absolutely essential for your firm’s wellbeing. Choosing the wrong package could leave your company completely unprotected against enormous threats to its finances. Business insurance is also a large and long-term commitment: you do not want to find yourself and your business bound to the wrong package. It is essential, therefore, to research the forms of business insurance available thoroughly, and to give careful consideration to every aspect of your business insurance decision.
Your Business
Before selecting the insurance package which is most appropriate for your business, you must first make a rigorous examination of your company to decide exactly what type of business it is. Perhaps that seems a little odd? Surely you already know exactly what type of business it is? After all, it’s your business! Well it’s not quite as simple as that. Some business insurance providers supply insurance for particular types of business, for instance, office, shop and manufacturer insurance.
Therefore, what’s really necessary is for you to examine exactly what type of business you are running in relation to the classifications of business insurance providers. Other business insurance providers will require you to tailor an insurance package directly to the needs of your business. Both cases will essentially require you to carefully consider the incidents that are most likely to threaten your business. Are you directly serving customers on your premises, where there is the possibility of accidents happening to them? Is there the risk of your employees accidentally injuring themselves using your equipment? Is your business-type particularly threatened by environmental forces such as flooding or gale-force winds? You need to consider all the risks relevant to your business type in order to select the perfect insurance package to protect you.
Your Finances
Before you can accurately calculate what kind of cover you’ll need, the other key consideration is what state your company’s finances are in to begin with. This is essential for calculating the scale of cover you’ll need for your company, and also obviously for evaluating what level of insurance your firm’s finances can afford. A clear understanding of your company’s finances is absolutely essential: don’t be afraid to invest a little money in getting a professional assessment of them from a financial consultant. It could save your company a significant amount of money in the long-run.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The “online marketplace for accountants” aimed at helping startups and SMEs alike...
Self-funding or ‘bootstrapping’ your tech startup is one sure-fire way of avoiding many of the pitfalls of receiving large amounts of seed capital. Here's why...
The rise of automation addresses shortages of labour, creates a 24-hr manufacturing chain and negotiates potential hazardous work conditions.
The IoT solution for real-time remote detection of stowaways in the rear of vehicles, trailers or containers, or theft of said cargo.
The digital coach aiming to help improve the quality of life for people living with IBS and IBD conditions
North-East of England early-stage entrepreneurs and startups take note! North-East England startups sought for latest Ignite pre-accelerator programme.
Workplace discrimination and failure to address social mobility costs UK economy £270bn per year according to research by graduate recruitment platform Debut.
dip is a free to download and free to use shopping companion app that shows users relevant high street deals based on their hyper-location.
The EdTech startup aiming to connect inspirational teachers with those looking for something a little different
If you’re ready to take the plunge and start your dream startup business, here are some of the top UK locations worth considering.
Published on: 28th November 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- North-East England startups sought for latest Ignite pre-accelerator programme 18th May 2019 North-East of England early-stage entrepreneurs and startups take note! North-East England startups sought for latest Ignite pre-accelerator programme.
- Stigma around mental health costs UK economy £1.4bn a year 15th May 2019 Stigma around mental health struggles and burnout is costing the UK economy £1.4bn a year through unexplained sick days.
- UK leads Europe in scaleup investment 13th May 2019 The UK leads Europe and are fourth in the world for scaleup investment after US, China and India, according to the Tech Nation Report for 2019.
- Energy Sector startups sought for EDF Energy’s 2019 Pulse Innovation Challenge 9th May 2019 EDF Energy’s innovation accelerator, Blue Lab are on the hunt for the best new ideas that could spark innovation in the energy sector.
