When you start up in business you'll need insurance cover. Contact an insurer and explain exactly how your business will operate - they will then recommend what cover you should have. This might include:
- public liability
- employer's liability
- professional indemnity if you offer consultancy, valuations and advice
- contractor's liability with appropriate risk cover if you offer demolition and dismantling services
- motor insurance (for business vehicles), possibly with cover for goods and equipment carried in your vehicles
- personal cover - accident and injury, loss of earnings and so on
- business interruption
- premises and premises contents
Think about any specific cover that you might require. This could include, for example:
- insurance to cover you, your staff and your stock when you're temporarily away from your business premises - for example at a trade fair
- items held in trust - for repair or restoration, or on sale or return
- defective title indemnity against goods you buy that turn out to have been stolen - or perhaps fake
When taking out personal and employer's liability cover it is particularly important to give precise details of the types of activity that you and any staff will be engaging in. Be prepared to answer questions about the type of work you'll be doing, where and how high you'll be working, the type of materials, substances and equipment you'll be using, your health and safety policy and so on.
It's usually worth shopping around for insurance to get the best cover at the best price. Some insurers specialise in covering businesses in the antiques and architectural salvage sector
Premiums may be paid in a lump or in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.