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Call us for a quote on 0330 335 2875

Starting a new business

Congratulations on setting up your new company, we wish you every success with it.

 

Our job is to provide the business insurance that new company’s need to ensure that they are adequately protected when they start trading.  We’ve helped hundreds of start-up businesses sort out their first insurance, from tradesmen, retailers, internet traders to name but a few. Although we’ve been going for over 10 years now, we were once in your position, starting out, so we know what it’s like!

By the way – you can download this page as a pdf by clicking here:  BIL_StartUpInsuranceGuide.

 

Are you already trading or planning to start in the next month or so?

 

You’ll need insurance from day 1 so please give us a call as soon as possible and we’ll help you sort it out.

Call us on 0330 335 2875.

 

Not currently trading?

 

If you’re not trading yet then you may not need insurance immediately.  However, it’s a good idea to take a look at what types of insurance you might need and the likely cost when you need it – this will help with your planning.   Select the most appropriate product from the “product|quotes” page and our system will take you through the process.

 

Things to consider?

 

Every start-up is different so the insurance you need will differ depending on the type of business you’re starting. With Business Insurance Line, we offer a range of package policies that include various types of insurance that you’re likely to need to make it easier for you.

Some key considerations include:

  • Are you working from home or do you have business premises?
  • Will you be employing people?
  • Will your customers come to your premises?
  • Does your business sell physical products or provide a service?
  • Do you have tools or stock that you need to safeguard?
  • Will you be trading online?

What are the types of insurance that I may need?

 

Public liability

 

This is designed to cover compensation claims made by someone who blames an injury or damage to their property on your business.

Here are a couple of examples: Say, if a customer  in your shop is injured when they slip on a wet floor  or say your tools fall off some scaffolding when you’re working and injures someone or smashes the windscreen on their car below.

 

Product liability

 

This protects you if a product that you make or sell causes injury or damage to someone. An example might be if you sold a washing machine that, due to a manufacturing fault, caught fire and injured someone or damage their property.

 

Employers’ liability

 

This is only type of business insurance that’s legally required (other than motor insurance). If your business employs anyone then you need to have this in place.  It’s designed to cover any compensation claims made by your employees for injury or damage that’s caused by their work. For instance if a worker in your shop trips on a loose floorboard and breaks his leg.

 

Building, contents and stock

 

If you’ve got a business premises such as a shop or an office, then consider insuring it.  Even if you rent a place (or a space in bigger premises) then you would still be responsible for any of your contents or stock you have there.  The owner of the building is probably responsible for insuring the building – but best to check.

If you’re working from your home then you check your home insurance policy carefully, as business activities may not be covered.

 

Tools

 

Essential for you to carry on your trade and expensive to replace. Considering insuring them – tradesman policies can often be extended to include cover for tools.

 

Personal Accident

 

You are likely to be key to the success of your new business. Consider what would happen if you were hurt and couldn’t trade.

 

Professional indemnity

 

Another important insurance to consider when you’re starting your business is professional indemnity insurance. This protects you against compensation claims made by a client because they think you’ve made a mistake in your work. Including things like infringing copyright or giving some advice that causes your client to lose money. This is really important cover for your business if you offer a professional service or provide advice, for example if you are a consultant of any kind, or a designer.

 

Business Interruption (or loss of profits) Insurance

 

Business interruption cover can help you to carry on trading until your business gets back on its feet following a serious problem like a fire or a flood.

 

The Association of British Insurers (ABI) have also published a guide on insurance for new businesses.   You can down load this here:  insurance-for-your-small-business-abi-guide

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