Business Insurance

Runningfast

Hi,

Just wondering if anyone can advise on best places to go looking for business insurance?

Due to forthcoming redundancy I have chosen to bring forward my plans by a few years and make a start on becoming self employed as I have now had a number of businesses approach me for my advice and guidance.

Never been self employed before so not sure as to what insurance I need. The business is just me with me giving my professional opinion and guidance as well as compiling and preparing technical reports etc.

Any ideas?

trailingspouse

You will need Professional Indemnity insurance (to cover you if you give bad advice). Ours came with Public Liability and Employers Liability built-in. Public is always a good idea (covers you if you do something in the course of your work that damages a member of the public). Try Hiscox in the first instance.

If you're running the business from home, you need to inform your house insurers - we've never had any issue, but there would be a problem if you made a claim and they discovered a business was being run from the premises. So long as you don't store stock, and don't have anyone visiting the property for business purposes, there shouldn't be an issue. If you rent, you should also inform your landlord.

Assuming you will be using your personal car for travelling to/from clients' premises, you will need Class I Business cover on your car insurance (normally free or very cheap). However, if you carry stock/samples then you will need Class II or III (sorry, I've never needed it, so don't know how much this would be).

Hope this helps.

Runningfast

trailingspouse wrote: »

You will need Professional Indemnity insurance (to cover you if you give bad advice). Ours came with Public Liability and Employers Liability built-in. Public is always a good idea (covers you if you do something in the course of your work that damages a member of the public). Try Hiscox in the first instance.

If you're running the business from home, you need to inform your house insurers - we've never had any issue, but there would be a problem if you made a claim and they discovered a business was being run from the premises. So long as you don't store stock, and don't have anyone visiting the property for business purposes, there shouldn't be an issue. If you rent, you should also inform your landlord.

Assuming you will be using your personal car for travelling to/from clients' premises, you will need Class I Business cover on your car insurance (normally free or very cheap). However, if you carry stock/samples then you will need Class II or III (sorry, I've never needed it, so don't know how much this would be).

Hope this helps.

Thanks I will I try Hiscox for professional indemnity insurance. I currently have Class 1 business insurance for my car as I need it for my current job. I will be carrying no stock or samples as I will purely be acting as a consultant offering advice, guidance and expert opinion etc.

paddyrg

Just another suggestion for Hiscox, surprisingly they were dramatically cheaper than the competition in my sector.