Attire Accessories - May/Jun 2019 (Issue 76)

86 Start-up insurance needs Neil McFarlane, chartered insurance broker and CEO of TH March, discusses why insurance is imperative for new small business start-ups Starting a small business requires tireless effort and endless financial reserves. Besides dealing with necessary tasks to start the business – affording exorbitant start-up costs, establishing a customer base, forecasting cash-flow problems – new small business owners are besieged on all sides by risks. The only sure-fire thing you can count on during the tumultuous beginning stages of your business or later in its development is the protection offered by commercial insurance. To avoid losing everything to a disaster that could have been easily insured against, small business start-ups are advised to purchase robust and comprehensive commercial insurance to keep the company protected on all sides. SCRUTINISE YOUR BUSINESS’ WEAKNESSES Harshly scrutinising your business’ weaknesses can help you choose what covers you need and devise a long-term plan to strengthen against foreseeable risks. Essential covers Small businesses vary widely in their insurance needs. Many different factors, including industry, location and size, will determine the type of insurance your business needs to survive. All businesses, however, can benefit from the essential covers listed below. • Employers’ liability is mandatory for all UK employers. It covers employers’ liability for bodily injuries or diseases their employees may suffer in the course of their employment. • Property protects your commercial property, buildings and contents from a broad range of risks. • Business interruption recoups lost profits in the event that insurable property damage causes your business to temporarily close. • Public liability covers your liability for third-party injury and property damage arising from your business’ operations. • Products liability insures against damages and costs arising from accidental injury or damage caused by products supplied by your business. FURTHER INFORMATION TH March is a chartered firm of insurance brokers. Established in 1887, the company has offices in London, Birmingham, Manchester, Glasgow and Sevenoaks, as well as its National Administration Centre in Yelverton near Plymouth. To find out more, call +44 (0)1822 855 555, email giftware@thmarch.co.uk or visit thmarch.co.uk • Cyber liabilit y provides protection against a host of cyber threats, including hacking, stolen data and system failure. This list is not exhaustive. Depending on your specific business, you may need to consider additional cover options to fully protect your business. ADDITIONAL COVERS TO CONSIDER Carefully consider the needs of your business – is there anything distinctive about it that would require additional insurance protection? Consider the following additional covers; many businesses cannot afford to go without them. • Motor fleet • Legal expenses • Theft by employee • Equipment breakdown • Stock • Loss of money • Trade credit • Professional indemnity • Crime • Key person Part of investigating available insurance covers is determining the points where your business is weakest. Pinpoint the spots where your business is the most vulnerable, and secure insurance that bolsters those vulnerabilities.