startup business insurance

4 Types of Business Insurance to Protect Your Startup

startup business insurance

Protect your startup business to ensure that your passion that you have worked so hard for is safe, every business is unique and being your own boss is the most rewarding and challenging role – if anything was to go wrong then you need the correct tailored insurance to protect you and to ensure that everything is covered should you come into an unfortunate situation. 

By choosing Bollington as your provider of startup business insurance, you will be open to a wide variety of insurance products with an honest policy which has no hidden fees or costs. We can provide you with the best results, we will help you find out which policies are legally required for your startup and then advise you on extras which are then available for you to decide upon.

Employers Liability Insurance

Is your new business adventure really taking off? Is the work coming too much? If you are answering yes then you are more than likely going to need an extra pair of hands which requires employing new members of staff – whether these are full time or part time roles you are legally required to have employers’ liability cover.

This type of cover is for any compensation claims that are made by your employees for injuries or damage caused by the workplace. If you do not have adequate insurance cover then you could be fined up to £2500 for each day that you are uninsured.

Public Liability Insurance

This cover is worth considering if your business comes into contact with the public, this can be if you visit a client’s premises or you are working with the public or because customers are visiting your business premises. This cover is designed to cover any claims of compensation that are made by a member of the public who claims that injury has been made whilst on your premises, you could be left with a costly compensation claim so it is advised that you do have cover taken out for this.

Professional Indemnity Insurance

Professional Indemnity Insurance will protect you from expensive claims made if a client sues you as they believe that you have neglected them or that the advice you have given has caused a financial loss for their company – basically if they think you have made a mistake within your work. This cover is extremely important if you as a business are offering a professional service or are providing advice.

Building and Contents Insurance

Another one to consider if you have business premises such as a shop or an office, if you rent the premises then you only require content insurance, however, if you own the premises then you need to ensure both. If you are running your start-up from home then you should check your policies carefully as contents may not be covered under your standard home business policy.

Conclusion

For most business, insurance should be fundamentally required and essential utilities to their survival. A few sorts of protection are required by law. Other types of coverage might be demanded by business partners or financial specialists. However, insurance for a startup is required to ensure your investment and employees.

By choosing the right insurance plan for your startup business, you can maintain a strategic distance from a noteworthy money related misfortune because of a claim or disastrous occasion. Check with your backup plan to discover what types of insurance are best for your startup business and set up those plans at the earliest opportunity.

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