Insurance – life carries an element of risk and owning a business is no different.

Everyone knows that if you drive a vehicle on a public road, you need to be insured and other insurances, like home and contents, are regarded by most as a necessity too.

Your business is no different and whether or not to take out insurance is generally a matter of personal choice, determined by weighing up the risks involved and the potential cost to you and your business if something goes wrong.

For many businesses, being seen to have insurance may give you more credence as well, and both clients and suppliers may take you more seriously.

Interestingly, public liability insurance isn’t required by law, however the vast majority of businesses choose to pay for this. Even if you don’t consider it to be necessary for your own circumstances, then it is very likely to be required by third
parties if you conduct your business on their premises.

Public liability insurance protects you if clients or members of the public suffer personal injury or property damage because of your business, so if you work from home and have clients visiting you at home, then this may be an important
consideration. If you are working from home, you may also need commercial property insurance depending on the type of business you have and how you are using your home. It’s certainly worth thinking about what you do and what the risks are, whether these risks relate to the products you are selling, stock you are holding, data you are handling or clients visiting you at home.

There are of course many other insurances that may be worth choosing, depending upon the type of business you have e.g.: product liability, professional indemnity, directors’ and officers’ liability, commercial property, cyber and so on. The

Association of British Insurers have a useful website as a first source of information on the insurance policies you may wish to consider for your new business.

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