Do you take risks?
Would you drive a vehicle without Insurance? Obviously not on two counts. Firstly because you would be driving illegally, and secondly because you know how expensive it would be to repair your vehicle, and someone else’s, if you caused the accident. Then there is the problem of paying for injuries sustained by all involved if you caused it. Could run into millions!
But what should you consider if you are self employed, running your own Business?
You must include business use on your vehicle insurance. In most cases this will not be expensive. NOT to take out could cost you the whole claim! You would essentially be driving without insurance if you had an accident when at work!
Even carrying a bit of stock from the cash and carry for your shop is business use!
Liability Insurance is often neglected when people start out on the Business journey, due to a lack of funds. We live in a suing society! Do not risk it, if funds are short, pay monthly via direct debit. Take advice from a broker, such as BP, or your local one. By all means use a search engine and shop around first. I strongly advise you speak to a human being though if your Business has more than one aspect that needs cover.
Health and Accident is again seldom taken out, particularly by tradesmen. Imagine you are on a roof working, slip and crash through the conservatory, land on the grand piano and bleed to death on the white rug? Whilst the owner will be sad for you, they will want the house repairing and goods replacing. That is covered by liability(third party). Unless you carry accident at work, your widow will get nothing! And should you survive you would receive no compensation!
Employing someone? Unless a direct relative, you are legally obliged to carry employers liability insurance. You must display the certificate and keep it!
These are the main ones for a small business. Think about others such as Stock cover, goods in transit, money(carrying cash), indemnity cover(if you provide advice usually)
Thought for the day. Am I trading legally, and if not is it worth the legal and financial RISK!
As always, Geoff Reeves, FYCreatives, Blackpool 01253477147
Do you take risks?