Starting a service business is not for the faint hearted! You might have lots of experience in your field and a great business idea, but launching a new business into action, with a main goal to making a living, takes patience, time and huge commitment.
Behind the setup process of a startup service business is a multitude of extra factors to consider, such as finance and accounts, sales and marketing and ultimately business insurance.
When thinking about insurance there are some key questions that you should ask yourself in respect of the services that you are delivering and how you will protect your business and your customers throughout the journey.
Key Insurance Questions
- What is the financial value of the contracts that you are offering to clients?
- What are the types of services you are offering and how could they impact your customer’s business?
- Do you expect to handle sensitive data?
- Do your services have any cyber implications?
- Are you underpinning contracts with guarantees and Service Level Agreements (SLA)?
- Are you likely to employ people?
- Where is the location that your business operates from?
By finding answers to these questions, will help you to plan for the type of insurance cover you will need in order to protect your business against unforeseen circumstances.
What is Professional indemnity Insurance?
Professional Indemnity insurance is put in place to protect companies and individuals should they suffer a financial loss due to mistakes or negligence from giving advice or for providing a service.
Here at JRW Risk Solutions we support startup companies across the Midlands region and the UK, with Professional Indemnity Insurance. If you are a consultant, freelancer, IT contractor, architect, financial consultant or accountant, then we are here to assist you finding the right insurance product for your business.
Finding support for your startup service business
JRW Risk Solutions Professional indemnity insurance options cover aspects such as errors or omissions in your work, a breach of professional duty, misrepresentation or bad advice and may also cover for loss of data. If you are setting up in a service business, it is important that you have this insurance in place prior to selling work out to clients. Coupled other options such as employers’ liability insurance, public liability insurance and cyber liability insurance, through a full review, we can tailor insurance packages to suit your business needs.
Above all, ensure that what you promise can be fulfilled. Provide as much information as possible to clients so that they understand your processes and timeframes to deliver projects. Be transparent about financial constraints where projects may take a different direction or where projects expand into more advanced areas of expertise.
For further information, please contact JRW Risk Solutions.