When starting up a new business, one very important aspect to consider is the insurance. Some types of insurance are mandatory while others are optional but recommended and your insurer will be able to advise you in detail on this.

If you have customers visiting your premises then you will need to make sure that you are covered in case anything happens to them while they are in your shop or office, otherwise you may end up with huge damage claims if someone slips and breaks their ankle or worse.

If you are a trades company, such as a plumber or electrician, you will also need to know that you are well covered in case you or one of your employees causes damage to a client's property, either through accidental damage or shoddy workmanship.

Any vehicles used by the company must have adequate insurance and you must make sure that they are insured for business purposes rather than for leisure or your policy might become invalid. If the vehicles are to be used for carrying passengers outside of the company, such as a taxi service, then these will mean additional cover.

It may seem like a huge mountain to climb to put all of these insurances in place and may cause quite a dent in the company finances but it is better to be well covered.