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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

What business insurance do I need for a limited company?

Are you forming a new business? Are you unsure what type of insurance you need? You're not alone. The world of business insurance can be very confusing. Add to which, entrepreneurs usually have a host of other important (and more interesting) things to think about.

We'll give you a quick overview of the most popular types of business insurance to give you a sense of what they cover and when your company might need them. To learn more or get quotes, see the in-depth guide to limited company insurance by NimbleFins.

Employers' liability insurance

This is the only insurance required by law. Employer's liability insurance covers legal costs and compensation in the event a current or former worker is injured, becomes ill, or dies as a result of working for the business. It's mandatory in most cases when a company has any employees. A limited company with only one director who owns at least 50% of the business and has no other employees does not need it.

Public and product liability insurance

Public liability insurance pays compensation and legal claims a business might receive if a member of the public or other third party is injured or has property damaged and the policyholder is held accountable. This is particularly important for companies with premises visited by members of the public or those that work in public places. Product liability insurance is similar in that it pays a policy holder's legal fees and compensation if a product it designs, makes, or sells causes injury or property damage to a third party.

Professional indemnity insurance

This protects businesses that sell advice, expertise or even an expert trade from claims its decisions or work caused a client harm (eg to lose money). This insurance funds the policyholder's legal costs and pays damages if found liable. PI insurance is essential for some businesses to become accredited by certain industry bodies (eg accountancy).

Commercial property and contents insurance

A business that owns its premises will certainly want buildings insurance to put right damage or destruction caused by fire, flood, or another emergency. If the premises is only rented, the landlord should hold the building insurance, but contents insurance is still beneficial to cover theft or damage to goods inside such as computers, televisions, and stock. A business with a high value or volume of stock can pay for stock insurance as an add-on.

Cyber insurance

This typically protects against hacks, cyber extortion, system outages, business interruption/loss of income, recovering lost documents and data, managing an attack, as well as compensation claims from customers who were affected by the incident. It is particularly important for businesses that process card payments and handle sensitive customer data.

Directors' and officers' insurance

Purchased by the company for the directors to reimburse them for losses incurred for negligence or mistakes alleged by shareholders, investors, employees, and regulators.

Legal expenses and tax investigation insurance

This type of insurance covers the cost of experts where legal assistance is required. For example, a contract dispute, debt recovery, employment dispute, HMRC tax enquiries, failed health and safety inspections, etc.

Copyright 2021. Sponsored post by NimbleFins.

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