Setting up a Wedding Planning business, like any other, requires careful thought and planning. Diane Malone of Diamond Insurance www.diamondinsurance.net provides some insight for new businesses wondering where to start..
When starting a new business, it is imperative that you consider both your legal liabilities and the eventualities that could cause financial hardship to you and your business. I
Employers Liability cover, even if you are employing somebody on a part time, temporary or even a voluntary basis, is a legal requirement.
Public Liability covers your, or your employees, negligence to others, such as someone visiting your premises, or you visiting theirs. Perhaps you leave a box of samples on the floor, and they trip over them: they could hold you responsible for the injuries, loss of wages if unable to work, and possible hardship caused.
Commercial Combined cover – many businesses fail after a major event because they have inadequate insurance cover. Stock, goods in transit, money cover, fixtures and fittings, liabilities for work away (including manual labour such as decorating a venue for a wedding) can all be covered on a combined policy. Be it working from an office, from home, or from a shop you should also consider loss of profits or the additional cost of working following something like a fire, to cover the cost of working from alternative premises, or indeed paying someone to reinstate lost data.
Professional Indemnity Insurance: if you are advising a client you should consider this to protect you and your clients
Motor insurance should include business use for yourself and anyone else whom you expect to drive the vehicle for work.
If working from home your household insurers should also be advised: they are likely to restrict cover to your contents if you have visitors to the premises.
Insurance is a very complex area and you should always use the services of a professional, after all if we get it wrong we are well insured!