All businesses of any size will need a variety of different insurance policies, and your start up is no different. In many cases, insurance is a legal obligation, and in all cases it’s there to ensure that you have some cover when something goes wrong. It can sometimes be difficult knowing exactly what you need, but here are some of the major policies you’ll need to take out.
Public Liability Insurance
Probably the most important policy you’ll take out, this type of insurance covers you for damage your business does to a third party. At the most basic level, this could be a client injuring themselves at your offices. It’s absolutely essential if you ever come into direct contact with the general public or customers and clients. Claims for damages and the associated legal fees can become extortionate, so you need to ensure they can’t become a problem. There are many different levels, inclusions and exclusions when it comes to this kind of thing, so it may well be worth getting expert advice before you make a decision.
Employers Liability Insurance
This is essentially the same as public liability insurance, but the difference is that it covers for you for claims made by your own employees. This is a legal requirement in most countries and jurisdictions; it’s your responsibility as an employer to look after your employees, even if you’ve only got one or two. Public liability insurance will not cover you in this case.
Pretty simple this one – if you’re operating a car or van, then it will need to be insured. Remember that business insurance is different from personal use, and there are a variety of different add-ons depending on what you’re using the vehicle for, who’s driving it, and what it’s actually transporting. Get in touch with an insurer like Autoline if you’re not sure exactly what you need.
Many businesses rent their space, in which case buildings insurance will fall to the landlord. However, all of your business’ belongings inside the buildings will not be covered, and it is up to you to purchase the correct insurance. Consider how damaging it could be if there was a fire, or things were stolen. Even in a small office, documents can be worth significant amounts in damages, so you absolutely must make sure that they are covered.