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Insurance: It’s all about risk

You have started your own business and someone mentions insurance. What do you do?

This was a question one of our Connect member’s Rod from Unchained Management, was faced with.

The question of whether to have
insurance as a freelancer or for a new company is one of risk, but how do you
know what risk applies to you?

For Rod, he knew he needed
something, and he also knew he could do an internet search and it would pull up
a vast amount of information and organisations offering insurance. However, it
would not have been personal to his situation and his business.


Where do you get business insurance?

Rod posted
his question on the GAIN Connect Forum with the aim of finding practical
personal advice and was “overwhelmed by the response and wise words” he
received from fellow business owners

was advised on a number of different avenues:

  1. Work
    with an insurance broker, they will chose something specific for you

  2. Ask
    your Accountant for Advice

  3. Enter
    “Business Insurance” into your search engine

  4. Contact
    a professional body such as the FSB (Federation of Small Businesses), CIM
    (Chartered Institute of Marketing) etc

Below is an overview of the two
types of insurance that can cover most businesses.


Professional Indemnity Insurance

This type of insurance can
provide you with cover against claims that your work, or the advice you have
given, is unacceptable to the client. It can cover the legal costs, expenses
and indeed compensation in defending a claim of negligence or where a mistake
has been made. 

For some professions, such as
solicitors, accountants, architects, chartered surveyors, financial advisors
and some healthcare professionals, Professional Indemnity Insurance is a legal
requirement. If you are a supplier to a government or a council organisation, it
is also likely to be required.

Liability Insurance

careful we are, accidents can still happen and unfortunately even the smallest one
could have a huge financial impact on your company. If a client is injured or
their property is damaged because of your business, public liability insurance
provides you with cover and pay out for this.


has taken the advice he received from the Connect Forum, and has moved towards
a resolution tailored specifically for him, without it costing a fortune. 

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