A NEW year is a time for new beginnings. As well as resolving to live healthier lifestyles, January is often the month when people embark on the journey to become their own boss.
Statistics from the Northern Ireland Inter Department Business Register reveal that in 2019 there were 75,490 businesses operating in the north, an increase of 1,430 (1.9 per cent) on 2018. This marked the fourth consecutive year of increase following a period of decline from 2008 to 2014.
The figures, which don’t account for micro-businesses operating below the VAT/PAYE threshold, indicate a continuing confidence in business in Northern Ireland and suggest 2020 could be the right time to start your own company.
Our advice for anyone thinking about setting up their own business is to thoroughly research their plan. Some of the most common reasons start-ups fail within the first three years is down to wrong products for the market, a lack of funds and poor planning.
Business insurance is not a one-size-fits-all product. In today’s modern environment remote working is becoming increasingly popular. In fact, Proptech company Spotahome, has named Belfast as the best city in the world to live for remote workers. Arrangements such as working away from the business premises will bring with them insurance implications.
Therefore, it’s good to know that insurance can be tailored to match your start-up’s specific needs, including additional covers for insuring your stock, equipment and motor fleet., depending on your main income source.
Along with this, it is important for first-time business owners to obtain employers’ liability cover. This is a legal requirement for all UK employers and must be acquired for any employees that you hire including self-employed and casual staff.
Also, business interruption insurance will help you recoup lost profits if an insured hazard occurs and results in damages to the property, causing your business to temporarily close. Property insurance will also protect your commercial premises and content from a broad range of risks.
In this digital age large amounts of business is conducted online, therefore it can be vital to protect your business against cyber crime. The right cyber insurance product can protect you from the threat of hackers as well as protecting your brand.
There’s no doubting that starting your own business can be every bit as daunting as it is exciting. By having the right insurance in place, and indeed an ongoing relationship with your insurer/broker, it will give you the confidence to fully focus on making your new business a success.
At Autoline, we’re with you, and our dedicated team of business experts will get under the skin of your business to help advise and guide you through the various insurance options to consider. They will help you arrive at a suitable level of insurance cover specific to your business needs.
:: Donna Vaughan is commercial account manager at Autoline Insurance Group (www.autoline.co.uk)
