Bath, the historic city in Somerset, has many plaudits to its name. In 2015, the Bath and Bristol area was even named one of the best UK places in which to invest in start-up companies.
However, if you want to dip your toe in the entrepreneurial water, insurance is crucial.
Of the various flavours of business insurance available, just two are legally mandatory. Nonetheless, as your corporate adventure unfolds, you could soon find numerous other insurance products necessary – or, at least, recommended – in practice. Here are some tips for sorting through the options.
The two forms of legally required insurance for businesses
When you first form your business as a one-person outfit, you have a self-imposed grace period in which you can find and obtain employer’s liability insurance before the time comes to start recruiting. Before employing someone, you need this cover, says the Federation of Small Businesses.
You might also anticipate relying on vehicles for business use. However, before putting any vehicle to this purpose on UK roads, you need to verify that you are adequately covered. A car insurance policy you already hold might not cover you using your current car for business purposes.
A matter of need: where do you draw the line?
As you get underway with your business and start signing more contracts, you might spot looming circumstances for which you will need to obtain additional insurance policies.
For example, you might find yourself poised to put pen to paper for a contract demanding public liability insurance of a specific minimum level; this can particularly apply to businesses in the retail sector.
However, you might soon see the wisdom of hiking your coverage limit even higher than this mandatory standard. Life as a business owner can be wrought with unpredictability, but if you consider potential blunders in your business and which disputes and claims could arise, you could help yourself to more precisely calculate all compensation costs for which cover might be crucial.
How should you look for business insurance?
Though you could directly approach individual insurers as you look for the policies representing the most attractive value for money, this approach can be a drain on your time – a valuable and precious commodity in the fast-paced business world. A good alternative would be contacting a specialist broker.
Broker Be Wiser Business Insurance is one example of such – and, reflecting its name, the company specialises in offering business insurance. It’s worth pointing out that some types of insurance are relevant to specific sectors, but Be Wiser accounts for a range of bases.
Examples of insurance for which the broker offers quotes include surgery insurance, pub and restaurant insurance and hotel and guesthouse insurance. The broker’s website includes a quote engine which can provide business insurance quotes 24/7.
By phoning 0333 999 0802, you can also let the Be Wiser advisors give you the latest information on which of the available options would best fit your needs and preferences.