New Company Start ups - Professional Indemnity Insurance

With many people now being made redundant, there is a growing trend towards starting up your own business and investing the redundancy pay received into a new business. If this is in your mind, you need to consider quite a few things.

It is always best to put together a type of business plan to start with, it doesn’t have to be over complicated in the very early stages, but at least gives you an idea of where to begin and what type of cost you would be facing to start your business. The obvious things sometimes do get lost with the excitement of the idea of being your own boss. Some basics would be:

1. What type of set up, ie a Ltd Company, Sole Trader or Partnership
2. Name for your company, (be careful here, this needs to express your trade, service or profession
3. Bank who will give you the best deal
4. Accountant who will give you the best deal
5. Working from home or renting/buying offices or industrial units. How much?
6. Equipment, computers, phones, photocopiers, desks, chairs, etc
7. Logos, headed paper, business cards, leaflets, websites
8. Marketing research, how best to promote your new business
9. Insurance, what types do you need:
• Professional Indemnity Insurance
• Directors & Officers Insurance
• Public and Employers Liability Insurance
• Office Insurance
• Commercial Combined Insurance
• Travel Insurance
• Employment Practice Liability


10. Staff to employ
11. Health and Safety Manual
12. Fund Raising / Capital Requirements

With all these options to consider it is good to know that some of the stress can be taken out by obtaining your insurance online at a competitive rate from a professional broker who will be available to answer any questions you may have. Click for quotations on Professional Indemnity Insurance and other commercial insurance quotes which you may need for your business.