Pension and insurance info
Izy S: Pension and insurance info would be great as I have NO IDEA on either!!
Millward May: We would suggest taking out either public liability and/or professional indemnity insurance to cover your business. If you have employees you are required by law to get employers' liability insurance although, you may not need employers' liability insurance if you only employ a family member or someone who is based abroad.
Public liability insurance protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities.
Professional indemnity insurance (also known as professional liability insurance) helps protect professional advice and service providing businesses from bearing the full cost of defending against a negligence claim made by a client.
Employers' liability insurance will help you pay compensation if an employee is injured or becomes ill because of the work they do for you.
Our governing body offers us a discount with Hiscox so we use them - if you have a governing body, it’s worth checking with them to see if there is a provider they recommend. We’d also suggest getting a quote from a comparison website such as Money Super Market, Confused.com or Compare The Market.
If you have a limited company, I would definitely suggest paying the pension through the company instead of personally as its more tax efficient. If you had a sole trade, you’d need to set up a personal pension. I’d suggest talking to Jim Monger, our independent financial advisor - you can contact him at email@example.com or call him on 07795 017 336.