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.
Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs.
IgniteNI looks to build on legacy with 2nd accelerator programme and San Fran base for 5 selected founders. Applications close asap so be quick to apply.
The startup that's creating technologies to measure and demonstrate sustainability in the food chain.
The lowdown on the London based barbershop and app that will come to you...
From understanding what counts as intellectual property, to what to do if you think IP theft has occurred, we chatted to Andrew Kirke, Director at commercial law firm Tughans to find out more.
The startup that has created the world’s first video-only review and booking platform...
Nottingham based early-stage startups and entrepreneurs take note - here's the lowdown on key startup support and help available where you are...
New app friendrequest aims to connect people, taking 'social' offline and to lead the way in facilitating real-life friendship.
The lowdown on Thyngs, the Fintech startup that is transforming any physical item into a virtual payment point...
How On-Demand Apps have changed business, changed customer interactions and boosted customer happiness.
Published on: 28th November 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Cycle.land raises £200k to continue their bike sharing journey 16th Jan 2019 Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs.
- IgniteNI Accelerator to offer startups San Francisco landing pad 14th Dec 2018 Ignite Accelerator is putting investment-ready tech companies on a global stage thanks to their new San Francisco 'landing pad'.
- Falmouth University Launchpad incubates tech legacy 7th Dec 2018 Developed by Falmouth University in Cornwall, Launchpad is an innovative, post-grad incubation and acceleration programme. We take a look at some of the previous Launchpad alumni.
- Ignite Accelerator 2019 opens for North East England startups 16th Nov 2018 North East of England entrepreneurs and startups take note! The Ignite accelerator, a 6 month remote accelerator for MVP stage founders or teams is back.
