The UK has long been established as a nation of entrepreneurs and more businesses are starting up now than ever before.
It is important to get the right advice on a lot of areas, tax planning, company structure, banking and premises. One area of real importance should be insurance, because you want to protect the asset that you are building, right from the start. At Profile PI we understand start-ups and we offer a ‘start-up’ insurance package for new businesses.
Better still you can spread the cost of your insurance over 12 months at 0% interest. The package can be tailored to your exact needs and requirements, ensuring you only pay for the cover you need.
Choosing the right cover for your business
Whilst your business might be new, it is important to have PI cover in place from day one. Clients are increasingly asking for professional service providers to carry PI cover and may ask for evidence before agreeing to work with you. It’s a great way to demonstrate you take a responsible approach to your work. PI cover can both pay claims and offer additional support including defence costs and access to claims advisers.
Many start-ups consider the following cover options:
In the early days, a lot of your investment capital may be used to acquire new business equipment such as computers, tablets or specialist equipment. Accidents happen and being unable to meet a deadline for a client due to a lost or stolen laptop could have costly implications for your business. Profile PI can protect your brand new equipment at the office, at home or away from the office.
Our Public Liability coverage provides cover for damages and claims expenses due to third party injury or property damage, caused by you in the course of your work, or at your premises. Our insurer can also contribute towards court attendance and criminal defence costs.
Hiring your first employee as your business grows is exciting, but you need to ensure you have EL cover in place, it is a legal requirement. Whether you employ someone part-time or full time staff member, EL protects you and your business against potential employment claims from staff.
As your client database grows, you have an obligation to ensure that data is kept safe and secure. Loosing this data can have serious impacts, especially if this data is of a sensitive nature. Our cyber breach cover acts like an emergency service to help manage the data breach. If you leave a laptop on a train with sensitive client data we help manage the fall-out.
Directors of companies are obligated by their fiduciary duties and must act with honesty and integrity as a company director. Alleged or wrongful actions by a named director can include mis-reporting of accounts, HR and employment claims, reporting errors or tax investigations. Profile PI can arrange D&O cover to protect and defend individual directors from claims by employees, shareholders or regulators and authorities.
For a professional business, no office can mean no trade, and for a start-up business that can have serious consequences. If your office is out of action due to a flood, public utilities disruption or you are denied access, it can have a big impact on your ability to trade. Such loss of trade can hit the bottom line hard and that can be terminal for a start-up. BI insurance can provide your business cover for your lost income.
From time to time you may require the services of a lawyer for legal advice. Specialist legal advisers’ costs can quickly mount up. Legal Expenses cover can help with tax enquires, employment and regulation matters to name a few.
Our staff would love to create a bespoke package of cover and limits based on your business requirements specifically for you.(Enter)