There are some types of insurance that you have to have by law (Employer’s Liability Insurance for example), but there are a whole range of other insurances on the market which could help your business. Think about your risks and where you could be liable, for example, do you have employees or are you dealing with members of the public on a daily basis? Are you transporting your own goods? If so you need to make sure you are properly insured just in case something goes wrong. An insurance broker can help you determine the kinds of insurance you need for your business. The other types of insurance you could consider would be cover to protect against loss or damage caused to your business’s property or trade by adverse events. You can get cover for property, buildings and contents, engineering failure, theft, money, goods in transit, business interruption, trade credit insurance and legal expenses.
Also to be considered should be cover that protects you or your employees against serious illness, injury or death and the effects these could have on your employees, their families and your business. If you are unsure come and speak to our Business Advisor who may be able to help you. You can book an appointment by calling 01227 824641 or emailing email@example.com .
Business rates are a tax on properties used for business. The occupier of the property is usually the one responsible for paying business rates, and the one who the bill will be addressed to. If you rent your business premises, your rent may include business rates – your landlord is then responsible for passing on the rates money to your local authority. Check with your landlord whether or not this is the case.
You are responsible for notifying the council when your move into new business premises or when you start a new business. The council procedures may be different depending on the area you are setting up so it’s best to check this.
Your business rates bill will tell you exactly how much you need to pay and when, so your local authority will have done all the calculations for you, but it’s worth knowing how to do it yourself in case. The local council works out your business rates by multiplying the rateable value of your property by a multiplier. You can find out your rateable value by putting your post code into the Valuating Office Agency (VOA’s) rating list. You can find more by putting this into a Google search.
Have more questions? Come and speak to our Business Advisor who may be able to help you. You can book an appointment by calling 01227 824641 or emailing firstname.lastname@example.org .