Starting a New Business - Which Insurance Do You Need?

Starting a New Business - Which Insurance Do You Need?

If you’re starting a new business, no doubt you’ll be juggling start-up costs, essential resources and trying to raise your brand awareness.

However, that is all pointless if you lose everything to a disaster that you could have easily insured against.

All businesses vary widely in how they operate, therefore so do their insurance needs. Factors such as the industry they operate in, the business size and location influence the type of insurance needed.

Nevertheless, all businesses can benefit from the essential covers listed below:

  • Employers’ liability – compulsory for all UK employers; employers’ liability insurance covers injuries and illnesses suffered by employees during their course of employment.
  • Property – property insurance protects commercial property, buildings and contents.
  • Business interruption – covers loss of profits should your business temporarily close due to insurable property damage.
  • Public liability – covers your liability for third-party injury and property damage.
  • Products liability – covers damages and costs arisen from accidental injury or damage caused by your businesses products.
  • Cyber liability – protects your business from cyber threats, hacking, stolen data and system failure.

Additional cover to consider

For businesses operating in specific environments, they may need additional cover from the list below:

  • Motor fleet
  • Legal expenses
  • Theft by employee
  • Equipment breakdown
  • Stock
  • Loss of money
  • Trade credit
  • Professional indemnity
  • Crime
  • Key person

If you’re starting a new business, or are confused about the insurance you need, contact Insync Insurance for free.