Do new business start ups need insurance?

The short answer is that yes, any start-up really should have insurance in place. Outside of covers that you are legally obliged to have (insurance for any vehicles that you use in the business, as well as Employers Liability unless officially exempt, as examples) there is a range of other covers that you should seriously consider.

• Public and Product Liability Insurance
• Employers Liability
• Professional Indemnity
• Building and contents
• Stock insurance
• Business interruption
• Cyber cover
• Legal expenses

Running a start up business will be stressful and insurance probably isn’t the first thing on your mind. But you may actually have the same exposures as an established business. Theft of stock could be costly. A flood in your premises may mean expensive building repairs that halt trading for a month as well as contents being damaged. A customer tripping over a power cable might lead to a distracting – and potentially high value – claim being made against you.

These things are just as likely to happen to a new business as an established one. But the implications could be more serious – you may not have a fully established customer base, it could be the profits are constantly being reinvested in growing the business, meaning cash on hand could be tight.

Taking out the right insurance covers for a start-up is therefore vitally important. As you’ll know from your home or car insurances, policy wordings are also somewhat complicated! At BJP, we have a team of experts who can help you understand what exposures your business has, and how to protect yourself against them financially with the appropriate insurance.

What insurance do start ups need?

If you are trying to understand what covers you require for your start up business, why not use our insurance wizard tool to get an idea of what you need? Simply complete the questionnaire and you’ll get a useful sense of what you need – and why. If you wish, one of our team can follow up with you and arrange a range of quotes from our panel of leading UK insurers. We can offer a fully advised service so you know you’re buying the right cover.

At BJP Insurance Brokers, we pride ourselves on service. That means we’ll be on hand as you nurture your business. We want to be a trusted advisor to you and can help with risk assessments and management, minimising the likelihood of a claims event wherever possible.

We stay in constant contact with our clients – and that’s particularly important when working alongside a start-up, where fast-paced changes are likely. It could be your stock value grows significantly, you take on more staff, or find yourself needing to buy additional vehicles. All of these things will mean attention should be paid to your insurance to make sure it’s always appropriate to your evolving situation.

Check out our more detailed article on insurance for start-up businesses.

Start up business insurance costs

As a start up, you’ll need to watch every penny. But buying the cheapest cover could be a mistake if it doesn’t provide adequate protection. To find out what start up business insurance costs for your business, just give us a call. We will advise on appropriate cover, meaning you only pay for what you need, not what a website wants to sell you.

Start up business insurance quotes

We can provide you with a range of start-up business insurance quotes from leading insurers. We can talk you through the various features and benefits and help you to decide which you want to buy.

To receive a quote, or to seek advice from one of our insurance advisers, please complete the enquiry form or you can call us on 0345 365 2121  An adviser will contact you within a working day to discuss your requirements.