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 inaugural LINEUP tech event, happening in Derry, NI has announced key speakers, sponsors and themes for its 5th March event.
Take advantage of today’s digitised world! Here are 4 reasons digital marketing could work for you and your business.
Research shows that the majority of staff prefer benefits to high monetary compensation. Here are some ideas on how to increase talent retention...
Innovative project launched by UK Proptech startup to reduce workers' commuting and in turn help alleviate pollution and congestion
Startup funding is never easy, however here are a few of the options that can help you fund your startup without going broke in the process
The future and success of Britain’s high streets has been long debated. So, what are the tech trends that could help impact the Highstreet in 2020?
Innovative startups are currently being sought by BMW Group Financial Services UK which has just launched the third instalment of its Innovation Lab
Starting a business can be a lot of hard work, so here's a few ways to avoid burnout and find a healthy work life balance.
The child health app on a mission to become the first nationwide digital redbook, just got a step closer to making their mission a reality...
The Cambridge-based startup that has created an empowering tool to drive the next wave of biological innovation
Published on: 28th November 2013
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Lineup 2020 announces key speakers, sponsors and themes 27th Jan 2020 The inaugural LINEUP tech event, happening in Derry, NI has announced key speakers, sponsors and themes for its 5th March event.
- Ideation NI Thon at NI Science Festival sets out to solve global issues 17th Jan 2020 At one-day event Ideation NI Thon, students will get the chance to solve global and local sustainability, environmental, city and health problems.
- NI startup ESTHER takes flight to New York 16th Jan 2020 NI startup ESTHER, a peer-2-peer giving platform allowing charitable donors to give money directly to people living in poverty, head to New York for a 4-day fact finding mission.
- 2019 stats show that the gender pay gap continues 14th Jan 2020 Recent research by Starling bank shows that in 2019, women earned up to £12,319 less per year than their male colleagues of the same age and within the same industry
