How to set up and run a small business

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Public liability insurance will protect your business if you cause an injury to a member of the public, or property belonging to another business or individual.

You should consider taking out public liability insurance if members of the public visit you at your place of work, or if you perform work at places of work owned by third parties. Continue…

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Professional indemnity insurance is an insurance policy that will protect you from claims made by clients who are not satisfied with the work you have done for them.

If you are starting a new business, freelancing for the first time, or simply wondering whether you should take out a professional indemnity insurance policy, this concise guide will help explain how this type of insurance works and whether it’s relevant to you.
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Of the types of insurance you may take out when running a business, employers’ liability insurance is the one type of cover that is mandatory for most firms.

However, there are a few exceptions. Is your business obliged to have employers’ liability cover in place?
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As a business owner, you will encounter a wide range of business insurance policies, some of which are mandatory, and others which are simply sensible to have in place.
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As with owning a car, you are required to have certain insurances to run your business (third party fire and theft), and it’s advisable to have others in place (fully comprehensive) to cushion you from nasty shocks.
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Employers liability insurance is one of a raft of insurances that almost all employers must take out.

There are very few exceptions where the legal requirement for any firm with an employee to have employers liability insurance is waived. But this is the case if you are a director of a limited company, own at least 50% of the shares, and have no employees. Or, your business employs only close family members.
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If you are a marketing or media professional, and clients rely on the advice you provide, you may benefit from taking out professional indemnity insurance cover.

A PI policy will protect you in case a client claims against you for mistakes you may have made during the course of your work.
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If you are starting up a new business, and are providing professional services to clients, you may have considered taking out Professional Indemnity Insurance cover.

This type of insurance will cover you for any claims made against you as a result of work you have done for a client. It can also cover, dishonesty, loss or damage to the client’s data, defamation, and any alleged breaches of the client’s intellectual property.
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In simple terms, professional indemnity insurance will cover you in the event that a client makes a claim against you for work you have done for them.
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2.1 million businesses are run from home according to research and 60% of new businesses are started at home – that’s 1,400 a week.

It’s no wonder really. Starting a new business can be costly, but when you launch it from home you immediately remove a large layer of cost and risk. You can use existing rooms, computer, electricity, phone and internet access.
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Guide to tradesman insurance

September 26, 2011

For many small business people, whether they are plumbers, electricians, builders, or designers, the thought of being the recipient of an insurance claim for injury or property damage can be stressful.

Without adequate insurance cover, costly claims could even put your business at risk.

Fortunately, not only can you take out comprehensive cover against potential claims against your business, but this cover does not need to be expensive. Most “trades” can be covered with ease – for example builders, painter/decorators, carpenters, electricians, plumbers, heating engineers, gardeners and handymen.
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Office insurance is both broad-ranging and highly specific, as paradoxical as that may sound.
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As a company director, there are certain demands placed on you – not least the requirement that you act at all times in the best interests of your company.
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Like private vehicles, business vehicles and vans must be insured, with minimum levels of cover a legal requirement.
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If your new business venture is a shop, pub or restaurant, there are a number of unique risks you will need to insure against.

Unlike an internet-based business or one run from an office, you will have greater contact with the public. And in the legally-aware society we live in, that exposes your business to a greater risk of being sued!

Before you sign the lease on your first premises, use this complete Bytestart guide to the different kinds of shop insurance you may need.
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If you are running a small business, chances are you will need to take our some kind of business insurance cover, whether it’s a mandatory requirement, or purely to provide peace of mind.
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Professional Indemnity insurance will cover you if you provide specialist advice and services to clients, and face a claim for negligence or a careless act.

PI insurance will cover the cost of professional representation, the cost of rectifying any errors you have made, and any damages awarded to the client.
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Contractors and freelancers provide professional advice and services to a wide variety of clients and as such they may well be liable for any mistakes or errors they may make in the course of their duties.

As a result, many contractors take out insurance cover just in case something goes wrong. In some cases, clients will insist that a contractor is covered by a professional indemnity policy before hiring.
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Whether you are a sole trader, director of a limited company or set-up as a partnership it is unlikely that you have any sick pay entitlement.

In this light, it is important to consider arranging your own personal income protection plan so all your monthly expenses are covered should you be unable to work due to illness or injury.
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Taking out landlords’ insurance is not only a wise decision if you’ve got a property portfolio to protect; it may also be a legal necessity.
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