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Starting up and owning your own company is every entrepreneurs dream. Of course it all depends on which market you are entering, experience and knowledge, which will determine how successful you are. What can ultimately cripple a start up business is not having the correct insurance.
If something happens that makes your business liable and you don’t have insurance, it could potentially turn your profitable business into a bust. I spoke to insurance specialists AXA over the Christmas period, (who also gave us a good laugh with this funny video on their website), about what types of business insurances are best for start up businesses and here is a list of 3 that you should consider.
Pubic Liability Insurance
This is very important for a start up business, as the chances are that you might be working out of your home office. It basically covers any potential injury that could occur if any customers enter your home. It also covers any damage that could happen to your client’s homes if you’re in them and you accidently break something. If you have this type of insurance it covers you for repair bills also.
Employers Liability Insurance
Law requires this insurance so this is unquestionably the most important insurance listed here. It covers you and your business if any of your clients or any of your employees gets injured as a result of working with you or for you.
Business Equipment
Content insurance is different from business equipment insurance so make sure you check with your insurance supplier that you’re covered for both. Business equipment insurance simply covers all your phones, computers and equipment that you need to run your start up business.
These are just three examples of some of the types of insurance you should at least research and see about getting for your start up business
