When you start up in business you will need insurance cover. Contact an insurer and explain how your business will operate. They will then be able to recommend what cover you should have, which might include:
- employer's liability
- public and product liability (this should cover food poisoning and other problems such as foreign objects found in sandwiches and other foodstuffs that you have made)
- premises, premises contents and stock
- freezer breakdown
- 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.
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 insurance policies with the same insurer.
If you belong to a trade association it's well worth finding out if they can provide business insurance cover or refer you to an approved provider who will give you the cover you need at a favourable rate. The British Sandwich Association (BSA), for example, offers its members access to competitive rates on all types of business insurance. You can find out more about this and other membership benefits on the BSA website.