When you start up in business you will need insurance cover. Contact an insurer and explain to him or her exactly how your business will operate - they will then recommend what cover you should have. This might include:
- premises, premises contents and stock
- goods in transit (being collected or delivered)
- business interruption
- employer's liability
- public liability
- product liability
- motor insurance (for business 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 is worth noting that some buying groups offer their members special insurance policies, which might save you money and provide the level of cover you need. The British Independent Retailers Association (BIRA) also offers insurance services to its members.
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.