Insurance
Q: What type of Insurance do I need when I start up in business?
It is crucial that you insure your business adequately and comprehensively according to its needs from the outset. It is your responsibility to ensure this. You must remember that the premiums paid for your business's cover are treated as an overhead business expense.
Listed below are examples of types of insurance that may be necessary for your business:
- Public Liability Insurance
This covers the business's legal liability to pay compensation for bodily injury, disease and illness to third parties due to activities of the business. It also covers any cost of loss or damage to third party's property due to the business's activities. - Product Liability Insurance
Can only be taken out with Public Liability insurance. This covers the business's legal liability to pay compensation for bodily injury, disease and illness to third parties or loss or damage to their property caused by goods sold or supplied by the business, or that the business has had any dealings with. - Employers Liability Insurance
This covers the business for any injury, illness or disease to employees which has occurred during the course of their employment. - Professional Indemnity Insurance
This cover is specifically for those businesses that give others advice or services (e.g. solicitors or architects). It covers the business for wrong or poor advice it may give. - Motor Insurance
Adequate insurance cover must be taken out for any vehicle owned by the business. - Building and Contents
For premises and equipment and other types of property owned by the business (e.g. computers). - Credit Insurance
Insures a business against other businesses failing to pay. Unfortunately this may not be available for new businesses. There are other types of insurance available. TEDCO's business advisers will be able to give you more in-depth advice and information on these. Please call us to make an appointment.