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.
.png)
WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
The impact of standards, ethics and conduct on business success and profits - Work.Life has some interesting insights...
.png)
The lowdown on Space32 - the startup that wants to help hybrid-working businesses find the working space and solution that's right for them.
.png)
Global Tech for Good initiative seeks innovative startups and scaleups that are creating positive social impact and enhancing people's lives through tech.
The lowdown on Bidnamic, the startup that's combining advance machine learning with human expertise to help retailers to maximise revenue and profitability from Google Shopping.
Innovative Czech fintech startup 4Trans raises investment to expand first of its type AI driven factoring services across Europe.
Edinburgh-based life science company Cytomos secures funding to support further development of its innovative cell analysis tech.
Ethical Equity and Streets Consulting join forces to deliver Founder Workshop to help close the inequality gap in startup to scaleup funding.
Fancy being featured in this year’s SmallBiz100, which showcases the best of Britain’s vibrant small business community? There's just a couple of days left to do just that!
Screenloop secures major investment to support further development of its AI-driven recruitment platform that helps companies build the best teams and removes unconscious bias.
Published on: 28th November 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Assistive technology innovators and partners awarded £1.7m project funding 1st Jul 2022 WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
- How the pandemic affected each industry 27th Jun 2022 New research from School of Marketing reveals the impact that Covid-19 has had on key business sectors in the UK.
- The Finalists of DBACE 2022 are revealed 21st Jun 2022 The lowdown on the innovative young visionaries that are in the running for this year's Deutsche Bank Awards for Creative Entrepreneurs.
- OKAPI: Orbits raises €5.5m for Breakthrough Space Traffic Management Software 13th Jun 2022 Innovative German SaaS startup OKAPI:Orbits secures investment to support its mission of securing efficient and safe operations in space.
