In these hard economic times, it may not be the best time to start a new business, but some brave souls are doing just that. If you have had a life-long dream and perhaps find yourself with some redundancy money to spare, then setting up a business on your own may not be the worst idea you have ever had.
There are many, many guides available to help you on your way – and all of them will stress the importance of getting the basics right; your business plan, your route to market – and your insurance! As a sole trader, public liability insurance is very important and it is equally vital to make sure you have the right policy to suit all your individual business needs.
Sole trader public liability insurance is designed to cover your business in the event of third party claims being made against you for negligence that has caused persons to suffer injury, financial loss or illness as a result. Sole trader public liability insurance will also provide cover if you were out and about at a third party's property and caused damage to this. It happens!
If a member of the general public were to come to your premises or you to their homes or offices and any injury or damage to themselves or their property was caused by you or your business, then you would be liable to pay out a claim in damages. Having sole trader public liability insurance can cover any related legal fees, costs and expenses – as well as hospital treatment that the NHS may claim from you. How much your sole trader public liability insurance costs is dependent upon the type of business you run as well as your turnover.
Having the right sole trader public liability insurance is crucial, if anything was to go wrong, or any action taken against you, you could lose not only a substantial amount of money but also your whole business! The law states that you must have insurance and you do need to take advice. Speak with a professional insurance company: Westhill Insurance Services is an independent broker who will guide you through the insurance maze. Their friendly and professional team of advisors will give you honest and pragmatic advice as to the type of insurance you need to exactly match your new business requirements and they will shop around to find the very best deal for you. Just at a time when you are starting out on a whole new journey, it is comforting to know that you can have professional advice to guide you on your way. One less thing to worry about whilst you begin to build your empire – leaving you free to concentrate on your business from day one.
Contact Westhill Insurance Services, today.