It’s hard not to be excited at the dawning of a new year. The trials and tribulations of 2018 are well and truly behind us and we look to the future with a sense of hope and optimism as well as the feeling of revival and renewal which is the driving force for career change. You’ve learned a lot from the last few years and for some time you’ve nurtured a nagging feeling. A feeling that maybe it’s time to hop off the career ladder that you’ve spent the last few years climbing. Perhaps it’s no longer enough for you to feed your family on scraps from the corporate table. Maybe it’s time to put all that you’ve learned throughout your career to use in a less orthodox way and go into business for yourself.
This is not a decision you’ve made lightly. You amassed some “sick days” attending business workshops and seminars. You spend a few lunch breaks conversing with business mentors. You’ve dedicated a lot of your free time to developing a business plan and even started working on your cash flow projections for your first year of trading. You’ve checked out a few appropriate sites in which to do business, made some calls to some banks and it looks like you might even be able to secure funding to make your business happen for real. You’ve built the beginnings of a beautiful tower… But if you’re not careful it can all come crashing down around you.
Before you do a day of trading, it’s essential that you invest in the right insurance to protect your vulnerable nascent business…
Business property insurance
If your business will have a physical presence it’s essential that you have business property insurance to ensure that an issue with your business property doesn’t send trading grinding to a halt. Business property insurance will limit your liability if your business premises is damaged by an act of vandalism or an act of God or anything in between.
Public liability insurance
If you have a business like a retail store where customers and clients will be moving around through your business premises, it’s essential that you have public liability insurance. This will limit your liability in the event of a customer or client becoming injured or even killed if there is an accident on your premises.
Employers liability insurance
Employers liability insurance, or EL insurance is similar to public liability insurance, except that instead of protecting you in the event of a customer sustaining an injury, it protects you if an employee is injured as a result of performing their regular duties. See Qdos Contractor for more information. With policies starting from just £4.58 a month, it’s a relatively tiny overhead that could save your business.
Cyber liability insurance
Finally, there are few things more important to a small business than reputation. Your reputation is what keeps customers coming back to you at the expense of your competitors. It’s your reputation that allows your business to grow. When your reputation is compromised by a cyber security breach it can be a colossal black eye to your business. Make sure your reputation (and your data) is protected by a cyber liability insurance policy.
Insurance (just like business) is all about hoping for the best while planning for the worst. When you have the right policies in place you can operate with autonomy and peace of mind, knowing that you, your business and your reputation are protected.