Industry sector: Retail and wholesale

Art shop: Insurance

When you start up in business you will need insurance cover. Contact an insurer and explain how your business will operate. They will be able to recommend what cover you should have and give you an idea of cost.

As with many other items of business expenditure, you can often save money by shopping around. Although many insurers can offer a complete package of business insurances, often at a competitive price, remember that you don't have to take out all of your business insurance policies with the same insurer.

The types of insurance cover needed by your business might include:

  • employer's liability
  • public liability
  • product liability
  • premises, premises contents and stock
  • goods in transit (being collected or delivered)
  • goods held in trust (customers' paintings being cleaned/restored, artists' work sold on a commission basis)
  • cash
  • business interruption
  • motor insurance (for delivery vehicles)

Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.

It's worth noting that some trade associations and buying groups offer their members special insurance policies, which might save you money and provide the level of cover you need. For example the Fine Art Trade Guild has negotiated special discounted rates on tailored business insurance cover for members.

The British Independent Retailers Association (BIRA) also offers bespoke retail business insurance services to its members.