Insurance when starting your own business

What insurances do you need to consider when starting your own business? This clearly depends on what your business activity is involved with as the insurances received could be somewhat different so we have selected a few fictitious businesses to illustrate the different possibilities and requirements, this of course is only a guide and you should always seek separate advice from your insurance brokers if in doubt.

Example 1: Tradesman/woman such as electrician, builder, carpenter, window fitter.

You need to consider the following insurances:

• Public Liability Insurance
• Employers Liability Insurance (possible)
• Contractors All Risk
• Tools Cover
• Office Contents including all risk covers such as laptops and mobiles
• Life Cover
• Personal Accidents & Sickness
• Pensions Arrangements
• Van Insurance
• Buildings Insurance

Clearly the list can go on, however, these are the most common areas of covers that are purchased.

A start up business could consider a shorter list essential insurances and grow covers as the business develops. For instance the important protections such as Public Liability & Employers Liability Insurance and life cover may be first on your list closely followed by tools cover, contractors all risk insurances and personal accident insurance.

Example 2: Professional risks such as accountants, solicitors, computer consultants, brokers.
You will need to consider the following areas when starting your business:

• Professional Indemnity Insurance
• Public Liability Insurance
• Employers Liability Insurance (possible)
• Office Contents & Buildings Insurances
• Laptops, mobiles, blackberries etc
• Directors & Officers Insurance
• Life Cover
• Pension Arrangements

For instant quotes on some of the above insurances go to Professional Indemnity Insurance where you can choose from a large selection of leading insurers at very, very competitive prices.