What insurances do I need for my venture? Here we list the BIG 5 insurance products to consider for your business..
The only legally required insurance for a business is Employers Liability. As a responsible entrepreneur you owe it to yourself to protect your hard work and your business. These are our top 5 to consider. You can do your own research or talk to a trusted insurance broker. Ask other business owners who they recommend you talk to.
- The only legally required insurance is Employers Liability Insurance (EL). This protects you in the event of a claim against you from one of your employees. If you do not have this the Health and Safety Executive can fine you.
- Public liability. This is the most popular insurance with sole traders and small businesses. It protects you from claims against you from members of the public. Some business and clients will not put work your way if you do not have it. In our opinion this is essential for a small business.
- Cyber (digital) insurance. Hackers are becoming more and more sophisticated. And the incidence of cyber attacks on small businesses is more becoming more common. A good policy, will protect against any malicious data breaches, your website being targeted or your systems being attacked. If your enterprise is entirely online this insurance is crucial
- Equipment – even the smallest of businesses have something to protect. How much work or business do you conduct with your smart phone? What would happen if it was stolen? Laptops, mobile devices, and stock are all worth protecting.
- Vehicle insurance – that’s a legal requirement under most circumstances but you must tell your insurer if you use your car or van for business.
Do your homework. Find the policy that suits your needs and shop around for a reasonable quote. Iff you find it overwhelming then seek professional advice. For further reading check out https://companieshouse.blog.gov.uk/2019/04/30/what-insurance-does-a-small-business-need/
You can also find out about insurance brokers and services within the MNC Network in our Business Directory