Collaborative post
Having your own business can be one of the most rewarding jobs but at the same time, it can also be one of the most stressful things to at times.
I would love to have my own business that would grow over time and in the future could be something that could be handed down to the children in time but there is lots to consider before you start building a business.
To make a business sustainable, it is not all about the product/service you are offering but also about the business model itself and the operations side of things. After all, you may have the best product on the market, but without the finances being maintained and the operational things such as storage/postage and other logistics.
One really important thing for you to consider with your business is getting the right insurance for you. In an ideal world, you would never need to use this insurance but it is there just in case and will give you that peace of mind to ensure that you are covered should something bad happen.
Different business insurance to consider.
Public liability insurance
This is to help protect your business from claims of personal injury to a customer or a member of the public or property damage caused by your business.
It is probably one of the most common business insurance and worth looking around for the cheapest public liability insurance. This is most suited for businesses that provide a service or undertake a trade. If you are interacting with the public in any way, this is a must for you. It doesn’t matter whether you are self-employed, shop over or in another profession, please make sure you look into this.
Employers liability insurance
For those who employ anyone, you should have this insurance.
This is here to help with any claims that are made by employees if they are injured for fall ill due to work. Prices vary depending on the role but it is a legal requirement for you to have this for your business.
The insurance is in place to help cover legal fees to cover the case should there be one and also the compensation payment should the company be found liable.
Professional Indemnity Insurance
This insurance is there for businesses that give advice or professional services such as solicitors, surveyors or lawyers for example. This is not the full list though, so if you are giving advice, it is worth checking whether you need this.
The insurance is there to help cover potential legal fees and compensation should it be found that your client has lost money because you have given negligent advice or services (error in your work).
Property insurance –
Depending on whether you own your property or just rent, you will need to look into different covers. This can include:
- Building insurance
- Contents insurance
- Tool cover
- Equipment insurance
- Stock cover
Now, we would all hope that none of these would be needed but they are there to protect against theft, loss or damage to your property and the contents.
This post is not to scare you with the extras you need to consider if you are looking to start a business but to open your eyes to the fact there is more to a business than you may see on the outside. The rewards of having a business far outweigh the extra bits that you may need to consider, it is just making sure you have all bases covered before you make that big launch! If you do have plans to start a business, it is worth making sure you are also looking at your marketing strategy too, check out this great post for some advice on this.