Living the dream

For many of us, autumn is a time of new beginnings. While summer offers a chance to escape the nine-to-five, autumn is the season for putting summertime dreams into practice. For an increasing number of British people, those dreams involve starting their own business.

When you’re daydreaming on a sun lounger it’s easy to see the appeal of becoming your own boss. You can set your own working hours and often earn more money. Of course, everyone knows it’s hard work, but many people make a successful go of it. If you’ve got a good idea, can see a gap in the market and are prepared to work hard and promote your business, there’s no reason why your dream of running your own enterprise shouldn’t become a reality.

Getting the right business insurance

One aspect that can be confusing when you’re starting out on your own is insurance. In some cases it’s possible to start a business without insurance and add it as you go along, but we’d advise having some level of  cover from day one.

If you have someone working for you, even casually or temporarily, then you need to have employer’s liability insurance by law. This covers you against the cost of compensation and legal fees if you’re sued for an injury or illness sustained while at work, or for some other reason. The minimum level you’re required to be covered for is £5m, although most policies are for £10m and above. If you don’t have the correct insurance you can be fined up to £2,500 per day, so this is essential.

Protect your business

There are various insurance products that you should consider when you start your business. For example, if you use any kind of vehicle, you must have at least third-party motor insurance and cover for business use. Buildings and contents insurance is also essential, as it will protect your shop, office, workshop or warehouse against flooding, fire and theft.

Depending on the nature of your business, you’ll probably need some kind of public liability insurance as well. In different forms, this can cover you against a customer or client taking legal action because of the consequences of using your product, or because you gave incorrect professional advice.

At Alan Boswell Group we can help you put together the right insurance package for your business. As an independent broker, we’re always happy to talk to new businesses and help them on the road to success. Dreams can come true – but it pays to have a safety net as well.