Business Insurance - what do I need?

[biomed86]

Hi all,

I've had a search on the forum about types of business insurance, and taken the questionnaire on businesslink to find out what I need, but just thought I'd post for a bit of further advice.

My business will be in the field of medical transcriptionist work. I'll be dealing with patient information, so am in the process of registering under the Data Protection Act.
I'm operating from home, my business will rely mainly on my laptop, phone and internet connection, plus a few stationary bits and bobs (so far).
If I need to meet with clients, I will hopefully do this on their premises.

Any advice on what type of insurance I might need, if any? If I need to provide more information, please let me know.

Thanks in advance :)

[Waterside]

I'd say if you rely on your laptop make sure you have a good warranty which will get it fixed quickly when it breaks down.

If you are making the leap from being employed to self employed then think about what benefits you may be giving up from your present employer which you may want to replace i.e. death in service life cover, sick pay etc. Lots of small business' fail due to long term sickness of the proprietor.

Also inform your home insurance company that your working from home.

I can help with regard to income protection/life cover if you'd like

[Nick Green]

You might want to think about PI (professional indemnity) insurance. This will offer protection if one of your clients sues you for negligence and it's lead to a financial loss (for them). Premiums should be pretty cheap for you, probably a couple of hundred.

Also, public liability will cover you for damages to third party property and people if you're going out and about and visiting clients. Cover for this is usually cheaper than PI.

And lastly, check that your home insurance contents cover your equipment. Some exclude these if they're being used for business purposes. If that's the case, you'll be able to arrange cover for these alongside the PI and PL and, again, shouldn't be too expensive.

Good luck!

[Humphrey]

I agree that Professional Indemnity insurance is a must and public liability could also be well worth the additional expense - Insurantz offer a good helpful service.