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<\/figure>\n<\/div>\n\n\nSo you\u2019ve ditched the 9-5 and decided to go it alone. That\u2019s no small feat. You\u2019ve done the hard part, and now it\u2019s time to think about protecting your new empire. <\/p>\n\n\n\n
Do you know what your small business insurance needs are?<\/p>\n\n\n\n
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Risky business<\/h2>\n\n\n\n
44% of small businesses don\u2019t have business insurance yet<\/a>. And most say it\u2019s because their business isn\u2019t big enough to warrant it. <\/p>\n\n\n\n But don\u2019t be fooled. If anything, the smaller you are, the more financial and legal help you\u2019re going to need if a claim\u2019s made against you.<\/p>\n\n\n\n Because even something small, like spilling coffee on your laptop, can spiral and end up costing your business \u00a3thousands. And nobody wants that.<\/p>\n\n\n\n It makes sense to save yourself the stress and get covered. It means you’ll have peace of mind, so you can crack on with being your own boss (and bossing it).<\/p>\n\n\n\n <\/p>\n\n\n\n We understand. You\u2019re small, or just starting out, and the budget\u2019s tight. Insurance is expensive, right?<\/p>\n\n\n\n Depending on what insurance you get, you might be pleasantly surprised at how little it actually costs to insure your business. And besides, reducing risks and protecting your assets is essential.<\/p>\n\n\n\n Whatever you spend on insurance will most definitely cost less than having to defend yourself<\/em> from a claim. Or get your business back on its feet after a disaster.<\/p>\n\n\n\n You\u2019re not a big, multi-national corporation with millions of pounds in the bank and lawyers at your beck and call. A disgruntled client, a nasty accident, or a cyber-attack could bring your small business down if you don\u2019t have the right insurance to help.<\/p>\n\n\n\n So here’s a breakdown of the types of small business insurance you actually<\/em> need. Plus some other things you might want to think about to keep things going in the right direction.<\/p>\n\n\n\n <\/p>\n\n\n\n So, let\u2019s get down to it. First off, set yourself a budget. It\u2019s about finding a balance…What can you afford without skimping on vital protection? Using a broker<\/a> is a good way to get what you need for the best possible price.<\/p>\n\n\n\n Then, think about what you do. What are the biggest risks you face?<\/p>\n\n\n\n Chances are you\u2019ll need either professional indemnity (PI) insurance<\/a> or public liability (PL) insurance<\/a> to cover those risks. Or possibly both<\/a>.<\/p>\n\n\n\n PI is there when you make a mistake in your work or are accused of not doing your job properly. It covers you for negligence claims, amongst other things, and so is needed for anyone who offers a service or advice. Think architects, engineers, consultants, therapists, and so on.<\/p>\n\n\n\n PL covers you for accidental injury or damage. So, this one\u2019s for any small business that comes face-to-face with clients or customers. Coffee shops, beauty salons, photographers, and the like.<\/p>\n\n\n\n And, one not to skip if you have employees, even if it\u2019s just one or two part-timers, is employers\u2019 liability insurance<\/a>. You have to have it by law<\/strong>.<\/p>\n\n\n\n <\/p>\n\n\n\n So, what other types of insurance does a small business need?<\/p>\n\n\n\n Once you\u2019re sorted with the big stuff, think about what other aspects of your business could cause problems and cost you money.<\/p>\n\n\n\n You can usually add different kinds of insurance to your policy. What you\u2019re offered will depend on what your business does.<\/p>\n\n\n\n Do you work primarily online? 96% of cyber-attacks are aimed at SMEs<\/a>. And they\u2019re not easy to recover from. Most businesses rely on IT in one way or another, so cyber insurance<\/a> should be on your radar. Especially if you hold sensitive data about your clients or customers. Or your business couldn\u2019t run efficiently without your computer or IT system.<\/p>\n\n\n\n If you work from home or an office, then business contents<\/a> is a good one to consider. Or if you\u2019re out and about with lots of equipment – photographers or videographers, for example – then portables insurance<\/a> with equipment breakdown cover<\/a> is definitely needed.<\/p>\n\n\n\n <\/p>\n\n\n\n In certain industries, rules and regulations will determine what types of insurance a small business should have, and the level of cover.<\/p>\n\n\n\n Sometimes your small business insurance requirements will already be set out for you. Either by governing bodies or by client contracts.<\/p>\n\n\n\n For architects, professional indemnity insurance is compulsory. You can find out more about this on the RIBA website<\/a>. For anyone working in the construction industry, it\u2019s not unusual to see PI insurance being asked for in client contracts. Especially if you\u2019re working on big projects.<\/p>\n\n\n\n For aestheticians, there\u2019s a specific type of insurance called medical malpractice<\/a> AKA treatment liability. Regulations say you must have this insurance to operate. It\u2019s like professional indemnity insurance that\u2019s tailored specifically to the aesthetics industry.<\/p>\n\n\n\n If you run a charity, community group, or something similar, you\u2019ll want to think about trustee indemnity insurance<\/a>. For organisations like this, one of the biggest threats is trustees being accused of not running things properly. And as they\u2019ll be personally liable if they are, that means their personal finances and assets are on the line.<\/p>\n\n\n\n And for tradesmen, don\u2019t forget about tools and equipment insurance. Without your tools, you won\u2019t be able to work. So it\u2019s super important to protect them!<\/p>\n\n\n\n <\/p>\n\n\n\n And that\u2019s not all\u2026(it\u2019s a minefield, we know!). There are some other useful kinds of insurance you can bolt onto your policy to make it really watertight.<\/p>\n\n\n\n Legal expenses insurance<\/a> can help you out with things like pay or contractual disputes, as well as issues with tax or health and safety investigations.<\/p>\n\n\n\n If your small business is struck by a natural disaster, or an unfortunate accident puts your place of work out of action, business interruption could be a real lifesaver. While buildings and contents<\/a> will pay to replace anything you\u2019ve lost, business interruption is there to keep you afloat until everything\u2019s back to normal. It\u2019ll cover any lost income, pay for you to rent a temporary office, or hire equipment, for example.<\/p>\n\n\n\n <\/p>\n\n\n\n Once you\u2019ve made a decision on what your small business insurance policy is going to look like, it\u2019s really important you read all your policy documents. Sure, it\u2019ll be a bit of a slog. But you need to know the ins and outs.<\/p>\n\n\n\n As your business grows and changes, it\u2019s important to continuously reassess your small business insurance needs. If you\u2019ve ventured into new things, don\u2019t assume you\u2019re still covered. Speak to your broker or insurer and tell them what you\u2019re getting up to.<\/p>\n\n\n\n If your business turnover<\/a> has increased, that could affect the levels of cover you need, so make sure you tell your insurer about that too. Or if you\u2019re thinking about travelling or expanding your business into new countries.<\/p>\n\n\n\n <\/p>\n\n\n\n Hopefully you\u2019re a little more clued up now on what insurance is needed for a small business. But do you know how<\/em> to get it?<\/p>\n\n\n\n As you\u2019ve probably figured out, business insurance can get complex. And even if you\u2019re really clued up on it, it can be hard to find the time to shop around for various types of insurance. You\u2019ve got a business to run after all.<\/p>\n\n\n\n That\u2019s why using a broker can be really beneficial<\/a> \u2013 they\u2019ll do a lot of the leg work for you. Not only can they help you get the right insurance in the first place, but they can also support you with insurance advice throughout your business journey. And most importantly, they\u2019ll be there to fight your corner and help you make sense of things should you need to make a claim. <\/p>\n\n\n\n <\/p>\n\n\n\n We\u2019re a broker who specialise in insurance for small businesses<\/a>, freelancers, charities, and community groups. Want to talk some more about your small business insurance needs? We’re authorised by the Financial Conduct Authority<\/a> (FCA) to give you advice. So just give us a call on 0345 222 5391.<\/strong><\/p>\n\n\n\n Image used under license from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" So you\u2019ve ditched the 9-5 and decided to go it alone. That\u2019s no small feat. You\u2019ve done the hard part, and now it\u2019s time to think about protecting your new empire. Do you know what your small business insurance needs … Continue reading Why do you need insurance for a small business?<\/strong><\/h2>\n\n\n\n
Must-have insurance for small businesses<\/strong><\/h2>\n\n\n\n
Small business insurance you should consider<\/strong><\/h2>\n\n\n\n
Industry-specific cover<\/strong><\/h2>\n\n\n\n
More to think about<\/h2>\n\n\n\n
Ready to click ‘go’?<\/h2>\n\n\n\n
How to insure your small business<\/strong><\/h2>\n\n\n\n
Want a second opinion?<\/h2>\n\n\n\n