Risks are inherent in every business start-up and they can vary from one industry to another. Not only do you need to take care of your own provision and that of your employees, you also need to protect yourself against operational damage or loss and against third parties.
Identify your risk factors and obtain information about costs, terms and conditions by seeking help from external advisers (insurance brokers, consumer advice centres). Ensure you have insurance cover in place at an early stage.
Some private and business insurances are mandatory and must be taken out without fail.
The following insurances are not necessarily compulsory in all cases, although they are recommended:
- Accident insurance (if you have employees)
- Unemployment insurance
- Business interruption insurance
- Legal protection insurance
There are also a number of other forms of business insurance that cover risks such as burglary, electronics, machines, product liability or fire. You need to think carefully about which of these insurances are appropriate for your business.