new-start-business-insuranceWhen starting a business expenditure is always a major issue and it is a typical error to dismiss business insurance expenditure in the early days as an unnecessary overhead that places a monetary burden upon the business when it can least meet the expense of it. Taking out an effective new business insurance policy shouldn’t simply be a consideration of cost, but one centered upon the risk factors facing the business and also the downside of any claim that may happen. Arguably during the early days of a business, it is most susceptible to economic harm the result of an uninsured loss and the new business, whether this be a single trader, a partnership or perhaps a limited company could confront an untimely extinction as a result of the costs of uninsured {claims. It is vital that any business proprietor or operator make a valued risk evaluation of the potential losses that could occur and weigh these up against the price of an efficient new business insurance policy designed to assume those financial risks on behalf of the company.

What insurance risks does a business start up face?

The assessment of dangers facing the new business can be split into two main areas; risks to the property owned or held in trust by the business and monetary dangers confronting the business such as arising from claims in respect of legal liability or an interruption in the business as a result of property damage and the like. In the case of new organisations, and many new small businesses, it is claims in respect of legal liability that can present the most actual and clear economic threat to survival with legal defence expenses alone time and again running into thousands of pounds for even essentially the most routine defence of a spurious claim.

How much is liability insurance for a business start up?

The cost of an efficient liability insurance policy is in actual fact rather insignificant, certainly when measured against the downside of the costs of any action against the business if it does not have liability insurance. Property damage cover is usually based upon the worth of the property at risk as a consequence  of this direct connection between value at risk and the price of property damage cover, it can often be a much simpler consideration for a business because the price of not insuring tends to provide a clearer understanding of potential loss factors posed to the new business.

How do I obtain insurance quotes for a business start up?

The new business insurance market is a highly competitive one, with many insurance companies offering a range of contracts designed to deliver cost effective insurance cover to new companies. These deals can be found directly from insurance companies or from insurance intermediaries such as insurance brokers and most are well represented on the web providing instant access to products and quotes, an incredibly useful tool in your new business planning phase. At Blackfriars we appreciate the need to provide a cost effective insurance solution that offers you the protection that you require whilst being highly competitive in terms of premium. Our new business insurance team are on hand to discuss your requirements with you and help you obtain our best possible terms for your start up business insurance.

 
0161 300 2930 Blackfriars Group