New Business Insurance Checklist | Full Time Cover

New Business Insurance Checklist

 

Starting a new business can be an exciting time, but it can also be quite daunting. Working for yourself rather than anyone else comes with a lot of hard work, knowledge, and dedication to your end goal.

 

There are plenty of things to consider that every business needs to function and specific things that a business in your sector requires. You could be a shop, a manufacturer or a service provider, but whatever industry you’re operating in, there’s something you need to give you financial protection: insurance.

As there are many types of insurance available, it can sometimes be difficult to navigate everything to ensure you have the right cover at the right level to protect your business. Because the last thing you need your new business to suffer is a financial shock. So what insurance should you be looking at if you’re a new business?

Employers’ Liability Insurance

 

If you’re employing staff then you’ll require employers’ liability insurance as a legal requirement. If an employee is injured or becomes ill carrying out the work they do for you, then it’s likely you’ll have to pay compensation to that employee as they’re unable to work.

 

The only exemptions that could apply to employers’ liability are if you employ a family member or someone based abroad.

Professional Indemnity Insurance

 

Professional indemnity insurance is recommended if you’re offering knowledge, skills or advice as part of your role. Having PI insurance can protect you for claims made by clients if they’ve made a loss or suffered damage as a result of your work. By having this type of insurance, you can financially protect your business from mistakes your employees might make.

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Public Liability Insurance

 

If you work with or around the public, or invite them into your premises such as a restaurant, cafe or shop, then you should have public liability insurance. It protects you from claims made from the public after interacting with your business, and can cover personal injuries, damage or loss to property, and even death.

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Business Interruption Insurance

 

If for whatever reason your business is unable to function as usual, through something like a fire, storm, flood or breakdown of essential equipment, then you can protect your business financially through business interruption insurance. This type of insurance aims to have your business in the same operating position as it was before the interrupting event occurred.

Buildings and Contents Insurance

 

If you own your offices or your shop, then it’s recommended that you have a form of commercial buildings insurance (also known as commercial property) in place to protect you from things such as flooding, fire, deliberate vandalism, burst pipes and accidental damage (which doesn’t fall under negligence). Contents can cover the items you have in your commercial property.

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Stock Insurance

 

Stock insurance is a special type of insurance that covers the stock you have either in your shop, cafe, restaurant or warehouse. If you’re a retail business then protection of stock is essential in case it’s damaged, lost or stolen. Another example is a takeaway, where your food is the stock. The loss or theft of your ingredients would make your business inoperable.

Fleet Insurance

 

If you operate a business that owns and/or operates a number of cars and commercial vehicles such as company cars, vans and lorries; then you should be looking at fleet insurance. Instead of insuring every individual vehicle you have, you can have a blanket fleet insurance policy that can take into account each vehicle you use and the risk associated with using each vehicle for its commercial purposes. You can also add or remove vehicles from the policy with only minor amends to the policy required.

Bespoke solutions for a wide range of commercial and sports clients.

The fastest growing sport and hospitality brokers in the UK.

Quality insurance, sports and hospitality and giving back.

Committed to reinvesting 20% of our profits back into charitable causes

New Business Insurance with Full Time Cover

 

If you’re a new business owner needing insurance but don’t know where to start, you can speak to an experienced insurance broker like Full Time Cover, who can understand the specific requirements of your business as well as the risks and challenges you face to work out what cover you require and to what level.

 

By being able to recommend the specific types of cover and the breadth and depth of that insurance, it can ensure that there’s no wastage and that you’ll have adequate cover at the right levels across all areas of your business. So if you do have to make a claim, you can be protected.

 

When choosing an insurance broker, you should look for ones that have a proven track record in your industry, allowing them to impart their knowledge and expertise with the insurance available in that specific business sector.

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