Industry sector: Business services

IFA: Insurance

When you start up in business you will need insurance cover. Professional Indemnity Insurance cover is vital - the Financial Conduct Authority requires you to have it - and this may be included in the membership charge if you belong to an IFA network.

Other insurance cover you might need includes:

  • premises, premises contents, computers and computer records
  • business interruption
  • loss of earnings
  • employer's liability
  • public liability
  • motor insurance (for business vehicles)

Premiums may be paid in a lump or they may be paid in instalments. You should enter premium payments in the months when you will pay them.