In the big world of business, it is very easy to disregard certain topics – insurance is definitely one of them. A start up entrepreneur could well have many other ideas buzzing about in their head and may not think about insurance for a second longer than necessary. But that can be false economy and we discuss here a few reasons why they may need to up their game and get covered! Product Liability – this covers you in the case of a customer sustaining damage as a result of a faulty product you have provided, even if you did not actually manufacture the faulty item.
Personal accident cover will be for claims following serious injury or death caused by an accident – this can pay for lost income; medical costs; hospitalisation up to the limit of the policy. The maximum abount is £10k for injury or £20k for a death. How about business interruption cover which can be a game changer indeed in the case of flood, fire or other damage means interruption to the business operations – the insurer will assess the consequential losses of revenue, so long as the contents are also covered. Another one is business legal protection which is also referred to as legal expenses cover for commercial legal expenses and protection against possible legal action costs brought by or against your business. If you do not yet employ others, beyond immediate close family members, then employers’ liability may not be needed yet but will be a requirement later on when you do expand.
