Navigating your way through insuring your start up.

The most complicated and boring part of propelling your start up is insurance. It doesn’t matter how interesting and hip your start-up is – without this guide insurance is the grey raincloud floating above you. You need protection from all angles from your employees, clients, and the decisions your employees make need to be protected legally otherwise your business can be damned before it gets off the ground.

Professional indemnity insurance ensures that if a client considers your advice to have harmed their business in a financial manner or harm the reputation of their business, and want to make a claim against the business you are covered. If your business does not have this insurance then you would have to pay the legal fees as well as paying their winnings in court for the damages.  Now although this insurance is not a legal requirement, in a world where it is increasingly common for entities to sue other entities when things aren’t going their way. We all know that legal fees can be crippling for any sized business never mind a small one. It does not just come down to bad advice, if an employee has made an honest mistake it can harm the client and they could want damages. Therefore, I think that it is a big mistake not to take out professional Indemnity insurance.

If you meet members of the public in your business model, then you will need Public Liability insurance. This insurance covers damages and legal costs if a member of the public gets injured and your business is at fault. Your company can be made to pay any future earnings that person is unable to make and therefore can result in being a costly ordeal. The right insurance broker will assess your company and tailor the right level of insurance for it.

Time for an obvious one – employer’s liability. Every business who employs staff, needs this insurance to protect them years down the line when certain things become known. This insurance protects your business from any mental or physical damage caused to employees of the business while working there. Without this cover, your start up can rack up fines from £2,500 per day from the Health and Safety Executive.

One of the best piece of advice I can give to start ups is to prepare for the worst, so when it happens you can weather the storm. Business interruption insurance does exactly this, when disaster strikes such as a natural disaster or a public emergency your bills can still be paid by this insurance meaning these disasters will not affect your business’ financial position. It can even cover expenses to allow your business to carry on trading through the issues.

If you would like more information on insuring your business visit Bollington now: https://www.bollington.com/

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