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Start-up businesses can either fail or flourish and the majority of the outcome depends on what has been done in the early stages to ensure the best possibility of success. From eking out your available finance, instead of spending it all in one go on unnecessary equipment and advertising, to being wise about what insurance policies you invest in to cover your new journey, any fledgling business owner needs to start as they mean to go on.

While it may be tempting to skip the insurance policies – after all, it’s pounds per month you may think you could do without spending – if you think a little more, you will realise just how much of a lifesaver they can really be. You can get business insurance quotes from Hiscox that will ensure your business is covered without costing the Earth and with plenty of insurance by industry options, you can ensure that you’re covered with the right insurance for you. Remember, if you’re ever faced with a compensation claim, it’s the insurance that will get you out of it. Without this cover, you may as well kiss your small business goodbye.

Public Liability is a necessary policy if your business involves working with the public. Whether it’s clients, customers or other businesses, if you work with others, you will need to cover yourself, in case of accident, injury or loss.

Professional Indemnity Insurance is vital if you’re providing valuable advice or a service to customers and clients. If advice you provide, such as through consultancy, or if your services are deemed negligent for whatever reason, you will need this cover to fight a compensation claim.

Employer’s Liability Insurance is essential if, further down the line, you hire staff to help expand your business. If this is your plan, make sure you invest in the insurance before you hire anyone so that they are covered from the very start.

Compensation claims against start-up businesses can cripple them if they don’t have the necessary insurance. For the sake of a few quid each month, it’s not worth the risk.

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