With all the hustle and bustle of setting up your new business it can be very easy to get distracted and overlook a very important part of any business, new or old: Business Insurance.
Setting up a new business venture can be an exciting time full of possibilities and adventure. It can also be a terrifying experience – particularly due to the unknown factor: The Risk. You need to protect your business assets against possibility of problems occurring. Natural disasters and legal liabilities are just two of the possible difficulties you may encounter. While incorporated businesses may have a higher level of protection than sole traders and partnerships, it’s still possible to be held personally liable for all or some business-related incidents and accidents. Insurance is something that all business need to consider.
Here are four types of start-up business insurance all new business owners should consider. Although you may not need all of them it is advisable to research each one in the even that it is actually something you will need.
General Liability – This covers claims of physical damage to the property of others or injuries to others while you are working.
Professional Indemnity – This protects professionals from financial loss associated with negligence in the provision of their services, both real and unfounded.
Business Property Insurance – If you are renting office space, check with the landlord or leasing company about what insurance coverage is required under your lease. You may need to purchase business property insurance. This type of policy usually covers the structure of your building and the contents of your office.
Auto Insurance – If you use your car on sales calls or visits, make sure your personal auto policy covers this type of use. If you have company cars, they need to be insured as well.
The types of insurance you need depend on several factors unique to your business. Talk with one of our business insurance specialists on 016606900Â