The new year signals a time of new beginnings. While resolutions of healthy eating, fitness and money management resurface every year, 2019 can also be the opportunity to kickstart a new adventure and launch your own business, says Diane Johnson, Autoline Insurance.
Research from the Northern Ireland Inter Department Business Register (IDBR) revealed that 6,855 new Northern Ireland businesses were created last year, which is a 3.4% increase from the previous year. In fact, the number of new start businesses in Northern Ireland has enjoyed growth each year for the past four years, and this trend is forecast to continue in 2019.
Starting your own business can be a rewarding endeavour. However, along with the necessary tasks required to start a business, start-up owners are surrounded by potential risks. Ormsby Street studies show that while small business survival rates are as high as 91% after the first year, in just five years only four in ten small businesses will still be trading.
Therefore, it is important that your new business is properly secured through commercial insurance in this crucial initial stage. New companies each vary in insurance requirements and it is vital to identify what is important to your business’s personal success. Business insurance can be tailored to match your start-up’s specific needs, including additional covers for insuring your stock, motor fleet, or equipment, 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.
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.
Dynamics may change frequently in your business’s infancy and it is strongly advised that you keep in regular contact with your insurer throughout the first year of business to ensure they are aware of said changes and can adapt the cover if necessary.
As 2019 begins, it is exciting to start the year by launching a business; being properly insured means you can focus on the day-to-day running and enjoy making your business a success.