Stating your business can not only be a daunting time but one of excitement to, your dreams of starting the business have finally become reality, the business plan in place, financing sorted, business machinery ordered. Start-up business insurance could be one of those last things that you have thought about, however, it should be one of the first, once you start your new business insurance is there to protect you and the exposures that your new business might have.
At Real we are used to dealing with new start-up businesses, we are not an insurer and neither are we a call centre either, we don’t leave you to figure out what insurance your new business might need either, we can help you along the way explaining things as you progress. We can provide insurance for your business that is both comprehensive for your new venture as well as being scalable as your new business grows.
Does a new start up business need insurance?
For new start-ups insurance is important from day one, it is there to protect your business against such exposures as fire, storm damage as well as flood. Importantly it also provides essential liability insurance cover should someone such as a member of the public allege that you have caused loss, damage or injury to them or their property.
Insurance for any business is essential, whether you are just starting in business or one that has been trading for some time.
Sometimes your requirements for insurance is essential way before you open your doors to the world, the risks and exposures you have don’t just start the day your business opens.
As an example, you might require specialist machinery, your new premises might not be to your standard meaning a few weeks of renovation or redecorating, even installing the machinery can take time.
As an example you have signed your lease, you have moved in but you are not open for business just yet, once you have signed, or if you bought the premises completed your risk can start there.
As a tenant you may be responsible for insurance, such things as glass in the building is a typical example, you may have people that are helping you, even for free who could be termed employees, and of course, you could very well be responsible for any injury that occurs at the premises. All those deliveries mean that you might have people in and out of your premises throughout the day, one ill-placed piece of machinery, that pile of boxes the delivery driver doesn’t see, the result could be that they become injured and quite possibly it could be your fault.
It doesn’t matter what your business is, whether you are manufacturing, distributing or you are a service business or a new technology start-up insurance is something that you need to investigate way before you start trading.