When you start up in business you will need insurance cover. Contact an insurer and explain how your business will operate. They will recommend what cover you should have, which might include:
- employer's liability
- public liability
- product liability, including product recall
- premises, premises contents
- machines and equipment
- timber, raw materials, work-in-progress
- finished items
- goods in transit (being collected or delivered)
- business interruption
- loss of income/profit
- credit insurance (cover against bad debts)
- legal expenses cover
- 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.
The British Furniture Manufacturers Association offers members a free business insurance 'health check', along with access to insurance quotations from preferred specialist insurers. Similarly, the Association of Master Upholsterers and Soft Furnishers has negotiated preferential business insurance rates for members. You can find out more about these and other membership benefits on their websites.