How to set up and run a small business

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Making the decision to become self-employed can be daunting, especially if you’ve been an employee on a regular salary with all the perks that can bring, like a pension, holidays and sickness pay.

The transition from this relative security to going it alone is not always easy, but there are steps you can take to help protect you financially should the need arise, allowing you to concentrate on growing and developing your business. Continue…

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Employers liability insurance is a type of business insurance policy that virtually all firms employing someone must take out.

As an employer, the health and safety of your employees when they are working for you is your responsibility. Having an employers liability insurance policy ensures that your business has a minimum level of protection should an employee get injured or become unwell while in your employment, and seek compensation from your business.

The fines for not having a suitable policy can be huge, so here’s what every business owner needs to know about employers liability insurance. Continue…

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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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As with owning a car, you are legally required to take out certain insurances when running a business. If you don’t you can be fined heavily and could put your entire operation at risk.

It’s also sensible to have some of the many optional business insurance policies available to cushion you from nasty shocks.

With dozens of different types of insurance cover available for businesses, here’s ByteStart’s review of the main insurances that businesses ‘must have’, some insurance cover you ‘should have’, and several ‘could have’ policies. Continue…

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If you are in business, or are starting up a new venture, and are providing any type of professional service to clients, you will need to look at taking out Professional Indemnity Insurance cover.

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.

It can also cover, dishonesty, loss or damage to the customer’s data, defamation, and any alleged breaches of your client’s intellectual property.

Whether you are starting out in business, freelancing for the first time, or simply wondering if you should take out a professional indemnity insurance policy, this guide covers everything a business owner needs to know. It explains how this type of insurance works, whether it’s relevant to you and gives you tips on how to choose the right type of policy for your business.
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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.

One thing that many people don’t think about with their home-based venture is insurance. Existing house insurance policies are designed to cover domestic arrangements, and may actually be invalidated by you working at home.
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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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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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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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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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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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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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Tax investigation insurance will protect you in the event that an enquiry is made into your tax return, or via a PAYE compliance visit. In some cases, this could result in a Tax Tribunal (formerly Commissioners’ Hearing).
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