When it comes to setting up a business you need to work out what insurance your business will need. As unfortunately/fortunately there are a fair few to consider and sometime you will need to make sure you have insurance cover to secure contracts and even trade bodies themselves demand that their members are properly insured.
The insurance I would need to look into getting for BundleIn are:
- Asset Liability insurance (to cover my assets)
- Business ‘working from home’ insurance (to cover and office equipment I use in my house)
- Health/Life insurance (as I am a sole trader initially)
- Public Liability insurance (as my service will encourage people to car share - but I may be able to get around this by making users agree to terms and conditions to say by using the service they and their passengers are covered by insurance, taxed etc.)
After a year or two once BundleIn gets a bit bigger I would need to get a few employees and an office. Then I would need Employer Liability insurance, Business Premise insurance as well.
Now I need to go and price all this up to get an estimate insurance cost for my first year. Insurance is great.