Insurance for my business?

Question

I am starting my own event and wedding business does anyone know what kind of insurance would need to cover this business. Also is there a company I have to register with?

Answer 1

Check out with a Broker in your location. If you are in India, you can check with http://www.insurancemall.in

Answer 2

Call a local insurance agent. They can help you.

General liability insurance with a minimum $1 million dollar of coverage.

Answer 3

Other than the usual legally required policies such as employers liability, I would expect that public liability cover is pretty essential for an events business. If you're new to commercial insurances, I would recommend consulting a broker who specialises in commercial cover. You can search a database of UK brokers at http://www.biba.org.uk which is the association for brokers. There's also a list of brokers and public liability insurers at http://www.uk-insurance-index.co.uk/even... which is an online directory.

Answer 4

There are various different types of insurance - some of which may be more or less relevant for you.

Absolutely essential for you will be Public Liability Insurance (if anyone gets injured at an event you roganise). If you employ staff (yourself or through an agency) you will also need employers liability insurance. Those two are key.

Other insurances then that you may want to think about are: business interruption insurance (which pays you if your business is put out of action for an insurable reason), insurance to cover for cancelled events, insurance for equipment you own, insurance on the various premises you use (which may be your responsibility if damage is caused by people at your functions). A good commercial insurance broker can help. I Use Hera Indemnity for all my business insurance needs and they are very good with extremely competitive rates (contact dominic hutt on 02078682497).

No need to register except with HMRC if you plan to be self employed http://www.hmrc.gov.uk/selfemployed/regi... (If you plan to set up a limited company the process is slightly different - talk to your accountant).

You may then like to think about the relevant trade bodies to join such as the Institute of Hospitality or the National Outdoor Events Association.

Answer 5

That's a good question to ask. There are several types of insurance you'll need, but the details depend on the size of your business, whether you operate from your home or an office, whether you have employees, and other factors. You should talk to a local agent in your state for more information. Make sure it is an agent who understands your situation so that you get just the right coverage. You don't want to buy too much coverage and be insurance-poor; but you also don't want to miss coverages that you need, and don't find out until you have a claim that isn't paid.

Your needs will fall into three basic categories: Coverage for other people (liability), coverage for your property, and coverage for you and your employees.

A businessowner's policy (BOP) covers other people (liability) and your property. It will pay the damages if someone trips over your equipment and sues you for their injuries, or if you damage your client's building during an event. It will also cover equipment that you own or lease, your office (if you own one), valuable papers and records, and other business property. If you will have employees, you might need additional options such as hired/non-owned auto liability and employment practices liability. (If you will operate your business from your home with no employees, you might ask about an in-home business policy to see if it will meet your needs instead of a BOP.)

You will probably need auto insurance. If you use only your car, your agent can tell you if your current policy will cover you, depending on the type and amount of driving you will do. You might need a separate business auto policy. If you will have a truck or van that delivers equipment to the event site, you will definitely need a separate business auto policy.

If you will have employees, you will need workers compensation. At some point you'll want to look at additional benefits such as health insurance for the employees, but this is not required and is difficult to offer when you start out.

Best of luck with your new business! Starting a business is an exciting time. Just be sure to talk to a knowledgeable agent in your state so that you have the protection and peace of mind from knowing that you won't lose your business in a lawsuit.

Answer 6

Your will need to request what is referred to as Commercial General Liability which protects you if a customer gets hurt while in your business premises (Store, Shop, etc).

Also it covers you if you or your emplyees cause damage to someone's property or cause someone to get injured while catering or on performing another type of service at a wedding.

Other coverage's to consider:

1) Commercial property coverage if you want to cover your    

     business property (inventory, equipment, contents of the

     business, etc).

2)  Hired and non-owned auto - even if you business doesn't

      own a vehicle this is an important coverage. It protects  

      you if your employee is in an accident while using their

      own car for your business.  Even though they should have

      their own liability insurance on their car, that doesn't

      protect you. Someone can still name you in a lawsuit

      because they  were using their car while on the clock.

Most of these coverages can be packaged together into one policy.

Another thing to keep in mind is that premiums can vary greatly from one company to another.  Following are some links where you can get multiple quotes which will increase your chances of getting the best rate:

http://www.dpbolvw.net/click-3014621-104...

http://www.jdoqocy.com/click-2977717-104...

http://www.usinsuranceonline.com/usio/in...

By requesting quotes from each of the above links and then

taking the time to call the companies once you receive your quote, having them go over the policy with you and asking them if there is any other coverages that you might want to consider, you should be able not only get the best premium but also get a good policy.

I hope that this helps!

Answer 7

Good luck with your new business. If you are directly employing people there is a legal requirement for employers' liability insurance. Besides any motor vehicle insurance this is the only compulsory insurance.

I would suggest that you consider cover for public liability, which provides an indemnity if your are legally liable for a third party injury or damage to third party property. Some event businesses also insure against professional indemnity. This cover errors or omissions. An example could be failing to book a venue and your client claiming for financial loss. If you will be using sub-contractors it is very important that you check that they also have adequate public liability cover.

If you are going to be a limited liability company the company will have to be registered at companies house. You may also need to register with the inland revenue if you are going to be a sole trader or partnership.

You may also get some useful advice from The Association of Event Organisers. http://www.aeo.org.uk/

I hope this is of help.