Starting a new business involves risk, and insurance plays a vital role in protecting what you are building. The right insurance cover can provide financial protection and peace of mind if something goes wrong, while the wrong level of cover can either strain cash flow or leave you dangerously exposed.
Insurance helps safeguard your business against unexpected events such as accidents, claims, property damage, or loss of income. While insurance is an additional cost, it can prevent a single incident from causing serious financial harm or even business failure.
Every business is different, so insurance needs should be reviewed carefully rather than relying on a standard package.
If you employ staff, employers’ liability insurance is usually a legal requirement. It covers claims from employees who may be injured or become ill as a result of their work.
Minimum legal cover is £5 million.
Most policies now provide £10 million as standard
The certificate must be displayed in the workplace
Certain exemptions apply, such as where a business employs only close family members or where a company has a single employee who owns the majority of shares.
If your business uses vehicles, motor insurance is compulsory. At a minimum, this must include third-party liability cover, though many businesses choose more comprehensive protection.
This covers claims from third parties for injury or property damage caused by your business activities. While not legally required, it is strongly recommended for most businesses.
Property insurance protects business premises, equipment, and stock. Cover can be limited to specific risks such as fire or flood, or extended to comprehensive protection. If you rent premises, check what insurance your landlord provides.
This may be necessary if your business uses valuable equipment or holds stock. Insurers typically require appropriate security measures to be in place.
If your business provides advice or professional services, this insurance protects against claims arising from errors, omissions, or negligent advice. It is compulsory in some professions and advisable in many others, including IT, consultancy, and creative services.
Also known as consequential loss insurance, this covers lost profits and additional costs if your business cannot operate normally following an insured event such as fire or flood.
Many small businesses depend heavily on one or two individuals. Key person insurance can provide financial support if a critical team member becomes seriously ill or dies.
Some industries require specialist policies, such as engineering insurance or cyber and computer-related cover. These should be reviewed carefully based on your business model.
If you operate your business from home, standard household insurance is unlikely to cover business risks. Special working-from-home policies are available and should be considered early on.
Compare multiple quotes rather than relying on the cheapest option
Ensure cover reflects the full replacement cost of assets
Avoid excessive cover that harms cash flow
Set policy excesses at a sensible and affordable level
Insurance decisions should be aligned with your business risks, size, and growth plans. Applegrow can help you assess your exposure, understand policy requirements, and ensure your cover is appropriate without being excessive.
Businesses using agency staff must comply with the Agency Workers Regulations.
This factsheet explains the key implications of the regulations, including workers’ rights to equal treatment and employer responsibilities.
Employees are entitled to statutory annual leave, but managing leave can involve complications.
This section covers holiday entitlement, holiday pay, and how sickness or other absences can affect annual leave.
Dismissing an employee requires careful handling to avoid legal risks.
This factsheet outlines key considerations, including statutory procedures, fair dismissal practices, and the risks of unfair dismissal claims.
Effective appraisals help improve performance and staff engagement.
This section explains how to structure meaningful appraisals that support development and align employee goals with business objectives.
Fraud can pose a serious risk to businesses of all sizes.
This factsheet highlights common fraud risks and practical steps businesses can take to reduce exposure and protect assets.
Employers can support employees’ retirement planning through occupational pension schemes.
This section explains trustees’ responsibilities, including governance, compliance, and financial oversight.
All employers must comply with workplace pension auto-enrolment rules.
This factsheet explains employer duties, employee eligibility, contribution requirements, and ongoing compliance obligations.
Hiring the right employees is essential for business success.
This section highlights the importance of structured recruitment processes to help attract and retain suitable candidates.
Recruitment must comply with employment law to avoid disputes.
This factsheet guides lawful recruitment practices and how to minimise risks during the hiring process.
Employers are required to provide statutory payments in certain circumstances.
This section explains employer obligations for statutory sick pay, maternity pay, paternity pay, and the procedures involved.
Employers must ensure they pay employees at least the statutory minimum rates.
This factsheet explains current wage requirements and how to remain compliant with National Living Wage and National Minimum Wage regulations.
A well-prepared staff handbook helps set clear expectations and supports compliance.
This section outlines the key elements every staff handbook should include to promote consistency and good workplace practice.
If you are starting a new business or reviewing your existing insurance arrangements
