When you start up in business you will need insurance cover. Contact an insurer and explain to them exactly how your business will operate - they will then recommend what cover you should have and give you an idea of cost.
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.
- premises, premises contents and stock
- goods in transit (for example on the way back from a supplier)
- business interruption
- employers liability
- public liability
- 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.
It's worth noting that some trade associations offer their members special insurance policies, which might save you money and provide the level of cover you need. For example, the Independent Footwear Retailers Association (IFRA) offers members special rates on insurance policies through their official insurers. Visit their website for further details. The British Independent Retailers Association (BIRA) also offers specialist retail insurance policies to its members.