The right insurance for your business
Posted on in Business News , Creative News
Craft, Hobby + Stitch international is the UK's largest show for creative businesses, so if you are thinking of turning your hobby into a business it could be the perfect place to find out all you need to know...
If
you are a new start-up business attending Craft, Hobby + Stitch
International this autumn, you'll likely be focusing your attention on
the new trends, making contacts and researching costs to find out if
your new venture is going to be feasible. However, you should also seize
the opportunity at the show to seek all the free support and advice you
can by attending seminars, workshops and the Business Advice Centre,
powered by ActSmart.
ActSmart are regularly contacted by people who are setting up their own creative businesses, seeking advice and support.
If you are thinking of starting your own specialist creative business, then ActSmart should be your first port of call.
ActSmart are working alongside CHSI (by powering the Business Advice Centre) to provide you with valuable advice and support through the entire life of your business, delivering essential services, business support, consumer promotion and development opportunities to the creative industry.
Over the next few weeks ActSmart will be providing an introduction to
different topics which can help business at all stages of their
life-cycle. From start-ups to fully fledged brands, we will be providing
guidance on everything from choosing your company name to running a
successful loyalty scheme! This week we are taking a look at business insurance - what you need and how you should go about finding the best cover.
Small business insurance
There are a number of different types of business insurance available for small businesses- which can be confusing, especially for a new start-ups. This article will explore which insurance policies you are required to have by law and what types of insurance are just highly advisable, as well as how you can go about getting the best cover to suit your business.
The type of insurance you need will depend a lot on the type of business you are running.
Home-based businesses
If you're running your business from home then you should look for an insurance package which includes the following:
Contents insurance - If you already have home insurance then you should look at what this includes, as often it will not cover business equipment. However, you may just be able to amend your current home insurance to cover this.
Buildings insurance - If you already have home building insurance be sure to check what this covers and look to amend or change this to cover your business. Some insurers may offer policies which cover home and home office in one, to protect your domestic premises from damage caused by something like a fire or flood.
Public liability insurance - Even if you're self-employed or working from home, public liability insurance will be necessary if members of the public or customers come to your place of work, or if you go to theirs. So, its something to consider carefully. This type of insurance will be necessary for many workshop based businesses, even if run from your home.
Employers' liability insurance - If you're planning to take on employees you are usually legally required to have employers' liability insurance. There are some exceptions to this rule: if the person you are employing in your home-based business is a closely related family member such as your spouse, parent, child, or sibling, then you won't need this cover.
Other insurance - Travel insurance or upgrading your car insurance may be necessary if travelling for part of your work.
Shop-based business
As well as the above insurance policies, as a shop owner, it's vital that your premises and stock is adequately covered.
With crime still a major concern for retailers, it's important to make sure you're covered for loss or damage of stock. Payment for loss of earnings if trading is interrupted could be the difference between surviving and going under in the event of a disaster.
As a retailer, product and public liability insurance are also a must.
Finding the right insurer
Having suitable insurance cover in place ensures your business is protected when it matters most. ActSmart have a long standing relationship with insurance specialists Butterworth Spengler to provide the ideal insurance solution.
Butterworth Spengler have a distinctive blend of experience, knowledge and high levels of customer service which means you can trust them to deliver bespoke insurance cover for your business needs - whilst maintaining competitive prices.
As a privately owned insurance group they are able to put their clients' needs first to ensure that they benefit from the strength of their market relationships and their ability to provide high quality independent advice and claims support.
To get a FREE quote use the form here or phone Butterworth Spengler on 0844 764 64 64.