Insuring your business
When you set up in business you are full of bright ideas and aspirations and you don't like to think about what might go wrong. Insurance can help cover the financial losses but it can never fully compensate for loss of life, limb or livelihood. Nor can it bring back precious creations and originals - as Aardman Animations know only too well.
To assess your insurance needs, first think about the 'what-ifs' that could happen in your business or project. For example, what if:
- A member of the public sues the company?
- There is a fire?
- There is a burglary?
- There is a power cut?
- Someone claims you've ripped off their idea?
Every business will have different priorities and different what-ifs. Business Link has an interactive tool Get the right insurance for your business that can help you assess what types of insurance you need for your company.
You might find it helpful to go through your needs with an insurance broker who can shop around for the best deals for you. Find a broker from British Insurance Brokers' Association (BIBA) - all brokers in BIBA are regulated by the Financial Services Authority (FSA). On BIBA's website you can search by town or industry sector or both. Review your premiums every year to make sure you are still getting the best value for the cover you need.
Insurance companies like to see evidence of the security measures you are taking to prevent fire, theft, accidents and stoppages.
Insurance broker Kevin O'Shea tells how he became a specialist insurance broker for the film industry.