Obtaining the Correct Insurance for Your Business
When you start a new business, the task list can seem a bit daunting. Starting a new enterprise can see you coming out of your comfort zone and taking on new challenges such as PAYE, marketing, advertising, web design and of course insurance. So how do you tackle all these new tasks?
If you have a big enough budget, you can always hire experts to help with the first four, with your insurance though you'll get all that help and advice free of charge just by selecting a suitable insurance broker who understands your business and the risks you may face.
"Disclosing precise information about your business and the activities you undertake is called 'fair presentation.'"
There are a lot of different types of cover available and what you need will depend on the business you are setting up. UK insurance brokers are regulated and are required to treat customers fairly; this means they have to supply you with all the knowledge you need to make informed choices about covering your livelihood.
With the onset of the Insurance Act 2015, you also have a responsibility to provide your broker or insurer with accurate information about your business. Disclosing precise information about your business and the activities you undertake is called 'fair presentation.' For more on the insurance act, please click here.
Typical insurance most businesses require is Public Liability and Employers' Liability, but there are other specialist insurance packages available for specific trades such as Marine Cargo Insurance for importers and exporters, Contractors all risk for those working in construction and many more.
Your broker will ensure you have the correct cover you need so don't worry.