Picking a name, drawing up a business plan and finding suppliers for your product or idea are all seen as the more exciting topics for a start-up business. Sadly, if you’re serious about your business, there are other important areas to explore that with help in securing the safety and efficiency of the business. The more serious elements and often dull elements are ensuring you’re protected should the worse happen, whether that’s legally or financially. Below we’ve listed 3 of the main things you need to take care of and guarantee that you have in place when starting out in business.




Business insurance is essential to protecting your business for a multitude of reasons, and making sure you have the correct insurance and not overpaying will help, especially for a start-up where costs need to be low as possible. Some of the different insurance options are as follows:

Professional Indemnity Insurance

Also, known as professional liability insurance, this will protect the business or individuals from bearing the full costs of defending against negligence in a claim made by a client regarding services and advice.

Top Providers: Simply Business, Axa and Caunce O’Hara

Property Insurance

Whether you work from home, own a warehouse or an office, making sure its covered is important for protecting your business. If it was damaged in any way, the cost to repair the issues may ruin the company’s financial structure or at least put the company back.

Top Providers: Property Quote Direct, Directline for Business and Endsleigh

Workers Compensation

Once you begin to employ staff, this insurance will protect you and your workers from and health issues. It can usually be added to a current business insurance policy and covers medical treatment, disability and death benefits, whether it has occurred in the workplace or not.

Top Providers: Axa, Caunce O’Hara and Nationwide

Product Liability Insurance

If your new business has products on sale to the public then PLI is an important insurance to have. Even if you put every measure in place to make sure the product is safe, sometimes it isn’t enough to stop someone making a claim against it regardless of its authenticity.

Top Providers: Towergate Insurance, Simply Business and Craft Insurance

Business Interruption Insurance

If something unavoidable was to happen in your area or personally and it halted your business operations, it’s likely to lose you a source of income whilst the business isn’t functioning. It can range from the staff’s inability to work in the office, telecoms are down or a problem in manufacturing, its insurance that serves well as a safety net.

Top Providers: Endsleigh, Directline for Business and Hiscox

There are other insurances to consider depending on the niche of the business but if you have a discussion with an insurance company such as Caunce O’Hara or AXA they will be able to identify your company’s personal needs.



Depending on your ability to keep on top of the finances, having an accountant can benefit a start-up business. If you have one from the start it will give you extra time to focus on other areas with the peace of mind that the accounts are all in order. Having an accountant can even help with setting up the business plan, cutting costs, guidance on legalities and auditing which is a lot of pressure off yourself. As the company becomes bigger they can also benefit in the growth of the business and delegation of staff and roles within the business.

If employing an accountant immediately is a stretch in the beginning, then outsourcing to a larger firm might be the best option, receiving professional advice and feedback is better than none at all.

Top Providers: The Accountancy and Clever Accounts



For most, securing a loan is essential to starting the business up correctly and professionally. There are different options for applying for a loan and each has their own pros and cons.

Banks & Finance Companies

Majority of banks will offer out business loans and with most the Pros outweighing the cons. But everyone’s businesses have different requirements and a bank loan may not be as flexible as you want it to be. The benefits of opting to use a bank are that you likely will receive low fixed interest rates with predictable monthly payments. It’s all professional with a healthy relationship with trained professionals, this loan will also help increase your business credit. The cons are manageable but they do offer a slightly different process to other lenders, the paperwork is lengthy and there is a longer wait time to receive the loan. Commonly with bank loans, you will require strong previous credit and potentially they may require collateral to get you started. The best uses for a bank loan include purchasing inventory, equipment, commercial real estate and refinancing.

Discussing this option with your current bank is the best start. If you’re not happy with the rates they offer then you can move onto comparing other companies. A great play to start is price comparison sites. They allow you to see what the best deals are your current situation and provide you with a list of options available to you.

Peer to Peer Lending

A new and rapidly growing choice for a business loan, it cuts out the big lenders share of the profit and benefits both participants. Without a larger business involved it does increase the risk slightly but that is normally toward the lender. Usually, the amount you can lend isn’t as high but it all depends on the amount you need and how fast.

Top Provider: The Funding Circle, Lending Works and Rate Setter

Being Covered As A Startup: What You Need To Know

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