There is a balance between adequate and appropriate protection of the business whilst keeping initial costs to a minimum. Evaluate your business risks and the need for insurance under these 4 headings:
- Assets (both physical and intellectual);
- Revenue streams;
- Liabilities to Third Parties (including contractual obligations);
- People (your staff including their importance to the business).
Usually, a package type policy covering your physical property, annual revenues, Employer’s liability and Public/Product’s liability is required. The only insurances required by law are Employer’s Liability, Motor Liability (if you have cars/vans etc) and Engineering Inspection of lifting and pressure plant if you have them.