When you are establishing yourself as self-employed and setting up your own firm, you really should take the time to look for business insurance quotes.
Whether you are moving into a brand new office or other corporate premises to begin your operation, there are certain types of cover that you may need – and in some cases could be legally required – to take out.
Depending on the nature of your work, one policy that may be recommended when you start up a company is public liability insurance.
This is necessary if you will be coming into contact with members of the public, whether you own a shop, run a hair salon or manage a takeaway.
You could find a product like this covers you in the event that one of your customers files a claim against you for either an injury or damage to their property that has been caused by your company.
Employers’ liability insurance is even more vital – indeed, it is a legal requirement to take this out when you launch a business.
This is designed to meet the expense of legal fees and damages should a member of your own staff successfully make a claim against you. If you are planning to hire a workforce then you are legally required to have a policy like this.
Indeed, there are so many different situations where you may need to rely on this form of cover.
One of your workers could file a claim against you after having an accident that they feel was caused by their working environment, or the duties they were requested to do. Alternatively, they may feel that being an employee at your company has resulted in poor health, or a physical condition such as arthritis or failing eyesight.
Should you be an estate agent, broker, solicitor or work in any other field where you’re main line of business is providing expert advice to clients, you may need to arm yourself with professional indemnity insurance, which should cover you if a claim is made on the basis that an individual has lost out as a result of your recommendations.
And it doesn’t end there – another policy that could particularly benefit you if you have just registered your business at Companies House is shop insurance – providing great assurance if you operate within the retail sector.
If your line of business sees you owning a fleet of vehicles, you are legally required to have at least the minimum level of motor insurance to cover anyone using your automobiles, while other useful policies include van and goods in transit insurance.
As you can see, there are many things to consider. However, keep in mind that although it is better to be safe than sorry, there are very few start-up companies that will require every type of corporate insurance.
To make sure you are not paying over the odds it can be useful to use services like ConstructaQuote to help you determine what policies you need and what level of cover to choose for each.
By giving as much care and attention to this process as you have done with all other areas of your enterprise you can enjoy the peace of mind that you are protected but not spending more than is necessary.
In addition to remembering the nature of your business, you should also factor in what type of property you are based in, whether you have employees and how many, how often you will be working with members of the public and what risks your company could realistically present.
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