Other Insurances to consider
Public liability/indemnity insurance
You are legally required to have
business insurance to cover you and your customers risk in the event of being sued for damages.
Tax investigation protection
If you are unlucky enough to be investigated, the right accountancy representation is vital - but this can cost thousands of pounds. This is not included in your Sherwin Currid monthly fee. Talk to your Sherwin Currid Account Manager about our Tax Investigation protection which reimburses the cost of our professional fees in the event that you are investigated by the revenue so that you can fight the tax man on an equal footing. Scheme details can be found here.
Business contents insurance
Your normal household insurance will be unlikely sufficient to cover your business assets. It is possible to obtain special ‘working from home’ policies. If your business does not involve expensive items of equipment then you might want to decide to pass on this one at least initially. If you do decide to provide cover for theft then an insurer will require a reasonable minimum level of security.
Keyman insurance
A small business is often dependent on key members of staff. What would happen if they became seriously ill or died? Do you need to consider insurance cover to pay out in such a situation? Key-man insurance is not usually suitable for director and in practice sickness cover is more suitable.
Relevant life insurance
You may also want to consider relevant life cover. These are not generally business insurances, however they do form part of a general financial planning review.
Critical illness insurance
Private Health Insurance
You should consider whether private medical cover is required, especially if your previous employment provided you and possibly your family with cover for medical treatment. Your business can also provide this benefit, but just as when provided by your previous employer, the benefit is a taxable benefit and subject to Employer NI. It is therefore more tax efficient to pay for this insurance personally rather than through your business.
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