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business insurance

buy right business insurance coverAs 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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A fire or flood can prove crippling for a small business, and therefore business owners should have a plan of action in place, should they fall victim to such a disaster at their business premises. Failing to do so could prove to be an extremely costly, or potentially fatal oversight.

Here are some practical steps businesses should take when disaster strikes; Continue…

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Whether you are a small partnership or a large blue chip company, it’s more often than not the people who are key to the company’s success or failure. A business that relies on a technical website or important machinery cannot get far without a talented web developer or machine operator to keep things running smoothly.

With some people being critical to the success of a business, what protection do you have in place if any of your key people die, or becoming seriously ill? Continue…

Starting a new business is an exciting time but getting the administrative side of things set up can be quite a time-consuming process. However, if these initial tasks are completed in a thorough and efficient manner, things are more likely to run smoothly and you can focus on the more exciting aspects of running your own business.

There are a number of different legal matters which need to be addressed before setting up a new business. Seeking good advice to help you through the planning and setup process ensures your business is built on solid foundations andcan provide protection when things do not go to plan.

Being prepared for any legal issues that could occur and having a good understanding of business law is essential when setting up a new company; lacking both could lead to a make or break situation. This guide is here to help you get your business off to a flying start and make sure you are both prepared and protected for what the future holds. Continue…

As much as 80% of business value is now made up of intangible assets such as Intellectual Property. In fact, we are in the epicentre of an IP revolution – with more start ups emerging, creating and innovating in ways only once dreamed of.

Best practice dictates that businesses need to protect their innovation – typically done by applying for patents, trademarks or designs. However, the battle to protect their most valuable asset unfortunately does not stop there.

The bad news is that thousands of UK businesses every year are involved in disputes relating to their intellectual property – and this number is rising.

The threats come from both near and far, and often when businesses least expect them. However it’s identifying all the possible risks from the get-go that keeps businesses ahead of both current and future competition.

Here’s a guide to the importance of IP and IP insurance, specifically for those who own a small business, or those looking to start a business in the near future. Continue…

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…

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…

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, or PI insurance, as it’s often called, 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, becoming a sole trader, setting up a limited company, or simply wondering whether you need to, or should take out a professional indemnity insurance policy, this guide covers everything a business owner needs to know. It explains how Professional Indemnity 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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When you set up a business, chances are you will take out some kind of business insurance – some types are mandatory, whereas others will provide you with peace of mind while you concentrate on building up your enterprise.
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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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