England 19/04/2013 – Small start up businesses, especially home workers, do not always realise they need certain business insurances
Setting up a business in the UK is easy. Becoming a sole trader just requires you to register with the tax office. Setting up a Ltd company is a little more complicated, but the paperwork can be done in under an hour. However, registering the company is not all that is needed to run a business. There are other considerations such as insurance. Depending on the business, being run professional indemnity insurance cover, public liability, equipment, vehicle and premises insurance may be needed.
Many home businesses are set up quickly or on a limited budget. Unfortunately, this is leading some firms to forget important things like insurance. Sometimes they are doing so because they have rushed into the business without properly considering things like the insurances they will need. Other times they know they need these insurance products, but are on a tight budget, so do not buy them.
The Importance of professional indemnity insurance cover
This is unfortunate, and for many who do not buy the proper insurances works out as a false economy. Take for example professional indemnity insurance cover. Some professions are required by law to have this cover. Failure to do so can result in fines and the withdrawal of licences.
The trade associations of other professions make current professional indemnity insurance a requirement of membership to their trade body. Not having the insurance can mean losing accreditation. This in turn can lead to a loss of business. Many people will not do business with firms who do not have proper indemnity insurance. Customers quite rightly feel that if mistakes are made they are unlikely to receive fair compensation, especially from smaller firms. They want the peace of mind of doing business with firms with the indemnity insurance, so actively avoid those firms without cover.
Hensure have been providing professional indemnity insurance cover for decades. Recently they have seen more small or sole trader firms asking for cover. The type of company they provide cover to has also changed. In the past, they mainly covered lawyers, architects, engineers, financial services providers, insurance brokers and accountants. Today, they are increasingly providing cover to web designers, consultants, interior designers, graphic designers, a long list of IT professionals and surveyors.
Contact:
Hensure Ltd
England, UK
Tel: 0844 770 9590
Email: hensure.com@rkhenshall.co.uk
Website: http://www.hensure.com/
