Get insured

Insurance is not the most exciting part of setting up a new business, but it is something you can't ignore. 

Apologies for the long list, but this is really one of those things you need to get right.

The following alphabetical list is thorough, though not exhaustive. And remember, if you have very specific requirements, you can always get a policy tailored to your needs.

  • Business interruption – this could cover you if your profit or income drops or you lose money because business assets at your premises get damaged. You could also be covered for damage at suppliers' or customers' premises, or at neighbouring premises if it affects your income or profit
  • Business travel – protects you and your employees while travelling abroad on company business
  • Commercial legal protection – could cover legal costs in a variety of business incidents such as employment disputes, tax protection and debt recovery
  • Computer and IT breakdown – could cover breakdown and increased working costs following breakdown, as well as the cost of replacing computer systems records after the loss of data. (You might also consider practical steps to protect your data, such as taking advantage of Barclays' data back-up service, i-sure)
  • Directors and officers – if your business has directors and officers, this is designed to cover compensation and legal costs if they are found to have acted outside their terms of reference
  • Employer's liability – you must have this if you employ people, other than immediate members of your family, or if your business is a limited company. The cover could help meet the cost of compensation if an employee is injured. To get the facts, read the Health and Safety Executive guidance
  • Engineering plant and machinery – could cover individual pieces or be used on a blanket basis (an All Machinery policy)
  • Fidelity guarantee – could cover you against the loss of money or other property resulting from any acts of fraud or dishonesty by your employees
  • Goods in transit – complex policies could cover your business goods when they are being moved by your vehicles, carrier or other means. This cover isn't normally included in motor insurance policies
  • Key person – designed to protect your business against loss of income if a key employee dies or becomes seriously ill
  • Loan protection – this might help you to repay loans or personal guarantees if you are unable to meet your commitments for health reasons
  • Material damage – you should insure business assets such as buildings, contents and stock against threats such as fire, theft, storm, flood, burst pipes and subsidence. Another option is to extend your cover to include accidental damage, which gives even wider protection
  • Money / cash loss – could cover the loss of cash, cheques, postage stamps and other negotiable documents if the loss happens while in transit or in the business premises when they're open, or if the documents are taken from a safe overnight from your home or business premises
  • Motor – as well as the legal obligation to have at least third-party cover, vehicles can also be business assets, so you should insure them against damage with a comprehensive motor policy. If you have a private car that you use for business, you must let your insurers know and get them to confirm you have sufficient cover
  • Pollution risk – could cover losses and costs resulting from damage to the environment
  • Products liability insurance – designed to protect you against being held legally liable by people who are injured or whose property is damaged because of products with which you've supplied them
  • Professional liability – could protect you against being held legally liable if you make a mistake while you are working for your business
  • Public liability – designed to protect you against being held legally liable by people who are injured or whose property is damaged because of the work your business is doing
  • Share protection – could provide money to buy a share of your business from a deceased or seriously ill partner and keep your business stable
  • Special risks – depending on your type of business, particularly if it's hazardous, there could be special risks that you'll need to get cover for. To find out more, contact your solicitor
  • Trade credit – insurance against the risk of bad debt due to the insolvency or default of buyers
     

Barclays Bank plc takes no responsibility for the content of third party websites or the views and recommendations expressed by named third parties in this webpage. The material on this webpage is for information only. Barclays Bank PLC. Registered in England. Barclays Bank PLC is authorised and regulated by the Financial Services Authority (FSA). Registered No 1026167. Barclays Insurance Services Company Limited is authorised and regulated by the FSA. Registered No 973765. Registered Office for both: 1 Churchill Place, London, E14 5HP. Barclays Business is a trading name of Barclays Bank PLC. Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board and is licensed and regulated by the Office of Fair Trading for the provision of credit products to consumers and related services. Further details can be found at www.lendingstandardsboard.org.uk

Last updated: almost 2 years ago