Guides
Start your own Business 1003
On these pages we give information designed to help those starting up in business. The nature of each type of legal entity is explained along with a discussion of the issues to be addressed in deciding what form is best for you.
Once the legal form of your business is decided upon there are many other issues to be considered before starting up, some of these issues are to be found below.
post a commentAfter setting up
Insurance
Ensure your business will keep working even when you are not by insuring it. As a sole trader, unless you employ staff or make alternative arrangements, your business will come to a standstill if you fall ill, have an accident or go on holiday.
Shop around for health and medical insurance tailored to small businesses with self-employed owners. Check to see if subsidised insurance schemes are offered by your trade association or chamber of commerce.
Consider taking out disability insurance to cover you for time off through illness or injury. But check the qualifying period - some policies with lower premiums will not pay out until after an excess period of three months.
If you employ people you should have Employers Liability Insurance which will cover you if employees have accidents at work or cause injuries to others.
If you have your own premises then you should also take out Public Liability Insurance.
