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There are numerous types of business insurances for a start-up business to consider, some of which are compulsory and others that are advisable. Many businesses start from home or from relatively small premises and can include anything from contracting, computer repairs, web design and retail, to mention but a few.
You need adequate insurance to protect your assets and liabilities as failure to do so could lead to a financial loss which in a worst case scenario could result in the end of your business if you are not adequately insured. Alongside your physical assets you may have intangible assets such as your invention or intellectual property. These too can and should be protected.
Depending upon your type of business you should consider some or all of the following, albeit this list is not exhaustive:
- Business Contents both in and out of your property
- Business Interruption
- Public & Products Liability
- Employers Liability
- Professional Indemnity
- Directors & Officers
- Intellectual Property
- Cyber Liability
- Personal Accident
Insurance should be considered as a necessity for all startups and should be within your business plan and on your checklist to tick off once this has been sorted out.
For more information on Business Insurance and TAX, please take a look at our Business Directory.