Here are the key actions you need to take when considering your business' insurance needs and buying policies:
- Appoint your insurance broker or insurance adviser - preferably one who is experienced in your particular trade. Make sure you get full details of how they are paid and who to contact.
- Carry out an assessment of hazards and risk exposures in your business.
- Review your standards of loss control - how secure are your premises?
- Review your business continuity arrangements - how will your business carry on in the event of, for example, a fire at your premises or loss of a key member of staff?
- Decide on the level of cover you would like against each risk you have identified.
- Collect and review information on your planned insurance needs to present to insurers.
- Compile insurance underwriting data - for example, the values of insured equipment.
- Compare the quotes and conditions you have received via your broker.
- Buy insurance and agree service level agreements with the insurance company.
- Agree on reporting procedures for losses, accidents and claims.
- Keep in touch with the broker and insurer and regularly review the arrangement, especially if circumstances change - for example, if your business expands.
- Keep insurance policies and any information related to claims in a safe place.
Know your legal responsibilities
- Do you need a licence?
- Get the right business insurance
- Comply with the law when providing goods and services
- Know your customers' rights
- Distance and online selling rules
- Understand pricing legislation
- Buying goods from outside NI
- Selling goods outside NI
- Storing or using personal information
- Pay your business rates
- Understand staff contracts and your responsibilities
- Taking on contractors and subcontractors
- What you need to do about health and safety
- Know your legal obligations on pensions
Understand tax and VAT
Sell and market your products or services