Have you got what you need?

I have no idea at all what I want and it’s no wonder!

A good friend of mine and running buddy lectures at our city university, and over many hours, we talk about almost anything and everything, mostly just to pass the time.

Her background is in fashion and commerce. Before becoming a lecturer, she worked for several international brands as a buyer travelling worldwide. One thing she has told me about university courses, is astounding.

Regardless of discipline, virtually no university courses ever sits students down and gives them any steer (over and above what some lecturers try to feed in) on how to set up a business and what that entails.

Nothing on banking, finance, intellectual property, legal matters, terms of business, and certainly nothing on insurance or the law relating to it, the mandatory covers and the criminal penalties for failing to set it up correctly.

So, here’s insurance 101 for new business founders:

1. Employers Liability cover – Covers injury and damage to property of employees.

BY LAW if you have a limited company with more then one director or any company with employees. Failure to arrange £2,500 fine per day or 6 months in jail for directors.

2. Public & Products Liability – Covers injury or damage to people or property outside your organisation, caused by your people or the products you manufacture, sell or supply. Protects you from claims made against you or your organisation

3. Material Damage and Business Interruption – Covers damage to everything you own, including stock, equipment and business contents and the loss of trading profit that flows from their damage or destruction

4. Legal Expenses – Covers the costs involved in defending or taking action in a number of other situations, including HR matters, Tax investigations, Property and Contract disputes, just to name a few.

These are the very basics all new businesses should have. There are of course others which are essential in particular circumstances, such as marine cargo, statutory inspections and vehicle insurances.

The only way to be sure you are properly protected is to engage with a professional and get advice which is normally free at the point of contact.

If you are setting up a new business, talk to professionals who can give you the correct advice and keep you and your business stable and safe as you grow #becauseaccidentshappen to nice people all the time.