Factoring for start-ups

Jan 30, ’12 6:14 PM

Author Stefan Töpfer (Editor) Categories Guest Blog, find funding

There are several types of business in the UK – but one thing every business has in common is a starting point.

You need cash to start a business. There’s a lot to do and one essential job is finding the right source of business finance. You might have a leading commercial idea but without this immediate injection of funds, your new business will most likely not go anywhere.

Nonetheless, thousands of entrepreneurs do find the money to start a business. How do they find these funds? How do they get started?

Start-up Finance options

The most immediate form of start-up finance is capital provided by the business owner(s). Before pouring out your life savings into your new business, it’s important to fully understand what you are doing as every business is not guaranteed success.

However, there are several types of business loans available for new starts. A bank loan or overdraft may be used to provide short-term working capital. Bear in mind that banks often require security and evidence of trading results before lending out to businesses. In addition, asset finance, through hire purchase and finance leasing, can be used for the acquisition of fixed assets such as machinery and property.

Further capital can be obtained by approaching a business angel. Borrowing money from friends and family can do you some good in the interim. The good news is you could receive all the funds you need at very low costs. However, this form of financing could require you to give up some control of your business – resulting in a smaller share of future profits.

Factoring – financing facility for start-ups

Factoring can provide essential finance early on in a business’ life. Factoring is a form of cashflow funding that allows you to release cash from outstanding invoices as soon as they’re raised. The funds released could be up to 90% of the cash tied up in your business’ sales ledger, with the funds made available to you usually within 24 hours. The remaining 10% of the funds would be paid to you once your customer settles their invoice, less any charges.

One of the greatest difficulties faced by start-up business is cashflow gaps created by late-paying customers. Most businesses tend to operate on credit terms of up to 90 days which unfortunately puts a strain on a new company. Factoring creates a strong cashflow that enables a new business cover its start-up costs.

Citing a manufacturing firm as an example, the funds advanced by the factor can be used to pay for raw materials against its next order. On the other hand, the funds advanced to a start-up recruitment firm could be used to invest in expenses such as advertising for job vacancies.

The Benefits of Start up Businesses Factoring

Working Capital

Take advantage of high cash advances of up to 90%, against the value of your sales ledger, usually within 24 hours. You no longer have to wait 60-90 days to get paid by your customers.
The funds advanced provide additional working capital to businesses. In working capital we mean adequate cashflow to cover payroll, operating costs, make initial payments to suppliers or to reduce existing debt. This allows your business to continue to grow without the fear of over-trading.

Early supplier discounts

Funds advanced through factoring create opportunities to save money. Most start-ups are plagued by cashflow challenges and need to ensure that every penny is well spent and every potential discount needs to be utilised. Factoring boosts your bargaining power and enables your business to benefit from early supplier discounts.

Flexibility

Factoring grows in line with your business. This means that as your business’ turnover rises, you could have access to more funding. There’s no need to increase your credit limit with other facilities.

Factoring is flexible in the sense that you have better access to/ control over your finances. Once you stay within the funding limit, you can choose to borrow as much or as little as you want.

Credit Management

Factoring is not just a ‘funding-only’ facility but also has a service element attached to it where the factoring company handles the credit management on your behalf. This involves full administration of your sales ledger which eliminates the burden of chasing customers and collecting payments. By outsourcing the credit control management, cash can be collected in a timelier manner, thus reducing the pressure on your start-up demands. This allows you to concentrate on starting your business.

Bad Debt Protection

If required, factoring could offer bad debt protection. This is by means of a non-recourse facility where the factoring company bears the risks associated with your customers defaulting. You are protected against bad debt that might otherwise have to be written off as an expense to your business. This is a major comfort to start-ups looking for expansion as they are relieved of the uncertainties about late (and overdue) customer payments.

GUEST BLOG: This business advice article was provided by Touch Financial, the Factoring specialists.

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A Mini Guide to Business Insurance

Jan 27, ’12 7:00 AM

Author Stefan Töpfer (Editor) Categories Business Insurance, Guest Blog

There are many different types of insurance cover that a business will need to look into, and some that are required by law. You can find a full listing and evaluation of these on online comparison sites like Money Supermarket. But here is a list of some of the main policies that should be considered by businesses and details of what they provide if something goes wrong.

Personal Liability insurance

This type of insurance provides cover for claims for compensation from people outside your company; this may include people injured at your place of work or members of the public who are injured or belongings damaged because of your company. This policy will cover any compensation or legal costs resulting from a claim against your business.

Employer’s Liability insurance

If you have any employees then you need to take out this insurance by law. The policy protects you if your employee is injured at work, or becomes ill because of their work. This policy will also cover any legal costs accrued. You must purchase a minimum of £5 million in cover by law if you have any employees, although many policies will automatically cover you for £10 million.

Property Insurance

The insurance will cover you if there is any damage to your place of work or your tools. This may include anything from flood damage to theft. If you take out this insurance you need to calculate how much it would cost to replace everything in your work place, down to your office tables and chairs.

Professional indemnity

Professional indemnity will cover you if your client loses money because of a mistake you have made, or because the work you have provided is deemed substandard. If your client makes a claim against you, this policy will protect your business by paying for compensation and covering any legal costs.

GUEST BLOG: This helpful business advice was provided by Roger Nuffield.

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End of ARC’s or Automatically Renewable Contracts

Jan 26, ’12 2:28 PM

Author Stefan Töpfer (Editor) Categories Guest Blog

Ofcom’s ban on automatically renewable contracts (ARCs) or ‘rolling’ contracts came into effect on 31st December 2011. This means it is now unlawful for telecom providers to roll customers over onto a new contract without their permission. But what does this mean for small businesses?

Simply, if you are a consumer or a business with less than 10 employees, the new regime will give your business more control over how much you are paying for a business telephone and broadband package, more freedom to shop around for the best deal and will make it easier to switch providers.

The process used to be that thousands of customers with phone lines coming to the end of a 12-18 month contract would find themselves signed up to the same provider for another 12-18 months unless they actively opted out of the renewal in a specific time frame. This usually incurred a penalty charge.

Automatically rolling contracts tied customers into another contract without the customer signing anything. So telephone and broadband contracts across the country will now be much more flexible for customers and businesses with less than 10 employees.

Ofcom states that 15% of consumers were on these automatically renewable contracts. The ban came into effect because Ofcom was concerned the rolling contracts made it difficult for customers to switch providers and so there was less competition within the broadband and telephone market. The argued that the rolling contracts make switching unattractive to consumers as they are put off by the costs related to cancelling a contract.

BT disagreed with Ofcom’s ban stating that it didn’t think it hindered competition in the telecommunications industry. Ofcom investigated the issue and found many unhappy customers who felt duped into staying with their providers for another year.

Consumer watchdog Which? backed the ban, saying that telecom companies should focus on offering great value deals with top-notch customer service, so that their customers are happy to stay with them voluntarily rather than being tied in by over-restrictive terms and conditions.’

GUEST BLOG: This informative business article was provided by Nadine Bourne of XLN Telecom.

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Online Marketing Tips for Small Businesses

Jan 20, ’12 2:28 PM

Author Stefan Töpfer (Editor) Categories Guest Blog, Marketing/PR

Every small business wants to emulate the success of the FTSE 100 companies‘ online marketing strategies. But as many SMEs have significantly smaller budgets they believe that these strategies are simply too expensive for them. Recent developments in marketing, such as social media and consumer driven marketing stunts, are however within reach for even the smallest companies. Here are a few examples of consumer driven marketing in the corporate world and examples of how you too can stimulate the same conversations with your customers:

Coca Cola in a recent internal video admitted that consumer generated stories outnumbered those generated by the company itself. If such a large company, with a huge marketing budget, is taking lead from its customers then so should you. Whether you make sofas or manufacture ready meals you can create a dialogue with consumers, or even weigh in on existing conversations.

Ikea recently took advantage of a consumer driven idea and created a successful PR stunt. A group on Facebook called ‘I Wanna Have A Sleepover In Ikea’ was the inspiration for IKEA’s stunt. The company created a similar competition for 100 Facebook fans to be part of a giant sleepover at the Essex IKEA store. This stunt rewarded consumers for their brand loyalty and created demand for other events around the country. Have a look at what people are saying about your brand, and act on your findings.

Social media is a great way to gauge the ideas of your audience and things people want to see from your industry. One company in particular did this especially well. Belling, a kitchen appliance manufacturer, compiled a book of recipes that had been tweeted to them. The recipe book entitled Tweet Pie – The World’s Shortest Recipe Book contained 50 tweeted recipes.

If you are a business you can take full advantage of social media and consumer driven marketing, it is inexpensive and incredibly successful.

GUEST BLOG: This helpful business article was provided by Katie Bryans.

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Benefits of Storage for Small Business

Jan 13, ’12 3:08 PM

Author Stefan Töpfer (Editor) Categories Disaster Plan, Guest Blog, Home Business

Not long ago it was significantly more costly to set up a small business. Advances in resources for working from home, such as high speed broadband among others have played a huge part in the changes. Factors such as lower priced technology and the increasingly cheap and more flexible options offered by storage companies also plays its part in the rise of small entrepreneurs.

Business no longer needs a physical shop space and so can advertise to the world from its home and so in the last decade we have seen a huge change in the way many businesses begin and are handled.

Home Business

Running a business from home used to come with the negative, of either having to section off an area of the home for stock, or having to purchase or rent a retail space. The advent of self-storage allows a flexible answer to this. Users can use their own stock control methods to ensure they have the goods needed on hand, while they can store others for periods in stores.

Flexibility

Storage options are significantly less costly than retail space, and many have the additional benefit of allowing entrepreneurs to use more or less space as their stock levels require it, mirroring this in costs, which are usually charged per square foot. Second to this, a storage solution for delicate goods is also provided for, with humidity controls in place for goods susceptible to damp environments.

Obviously, security plays an important factor when storing goods. Many entrepreneurs don’t feel comfortable with thousands of pounds of stock sitting around the house. Storage companies providing 24 hour CCTV, with individually alarmed rooms and sturdy perimeter fencing, provide safety homes never could.

Receiving Stock

For entrepreneurs who receive large stock, or deliveries via articulated truck, storage solution companies provide space and parking answers, which conventional streets, or roads just can’t. They also present options for unloading, such as pallets, trolleys and in some cases designated forklift drivers that require investment. Such lifting equipment obviously takes the cost, time and pain out of unloading stock.

Clearly, access is imperative and many of these storage points provide this seven days a week, with some even making provision for packaging needs via an onsite shop. This allows entrepreneurs to prepare items when onsite and save time, while being as productive as possible when on task.

Financial Aspect

Financial, storage solutions are also a positive, with costs low and storage flexible. People with storage needs often find the room required fluctuates, fortunately with such storage solutions it is possible to increase or decrease storage room depending on levels of stock. This means taking up less footage of an area when it’s required and so means paying less. Contract lengths are also quite short, with contract termination periods as low as seven days and storage allowed on the day signed up.

Storage solutions flexibility, economic costs, access and safety make them undoubtedly an ideal solution for the ways of much commerce in the 21st century.

GUEST BLOG: This helpful business advice was provided by Drew Davies on behalf of Big Yellow Self Storage

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Benefits of using a Factoring Broker

Dec 21, ’11 3:33 AM

Author Stefan Töpfer (Editor) Categories Guest Blog, find funding

When looking for a property, you should ideally consult a property agency in order to secure the right property based on your requirements and resources. The same scenario applies to factoring. Factoring brokers are like the agency that aim to find the right financing solution to your business’ need.

What is Factoring? How can it help my business?

Factoring is a business funding solution that enables you to release up to 90% of the cash in your sales ledger within a very short period of time, say 48 hours. It closes the cashflow gap between when an invoice is raised and when an invoice is settled by the customer. With business factoring, the outstanding invoice is used as the principal security against which the funds are raised.

In the UK, around 42000 businesses currently benefit from factoring as they no longer have to wait up to 90 days to get paid by their customers. In most cases, the factoring company takes full responsibility of your credit control, allowing you to trade freely. Factoring could be administered confidentially whereby your customers are unaware of a lender’s involvement.

With a factoring facility in place, your business can cover overheads such as rents, staff and equipment without having to wait for a late-paying customer to settle their invoice. Your business’ cashflow is improved significantly and you can take advantage of early supplier discounts.

Disadvantages of approaching lenders directly

There are two possible options for any business looking for a factoring facility – to search for a lender themselves or to go through factoring brokers. Though a straight-forward option, approaching lenders directly could be disadvantageous as shown below.

Time consuming: When applying for a factoring facility, businesses often have to get quotes from potential lenders within their sector. They will need to give the same details to each and every lender they apply to. So even after you’ve conducted some research on potential lenders, there’s a bigger job ahead of you.

Lending Criteria: There are several factoring lenders, each having specific pre-eligibility criteria for the businesses they lend to. For instance, not all lenders offer a factoring facility to the construction industry. This makes it difficult for businesses as they might get turned down by the several lenders they approach.

Variety of lenders: In the UK, there are several factoring lenders, ranging from high street banks to independent lenders. Most lenders will tend to specialise with businesses in certain locations, industries or of a certain size. This makes it very difficult to shortlist the potential lenders suitable for your business.

Competition between lenders: It could be very difficult trying to compare the rates charged by most lenders as most lenders present and market their costs in different ways.

Risk of termination: You can easily tell what level of service you’ll receive as every lender often describes what to expect of their services. However, if it turns out not to be as expected, you may be committed to a lengthy agreement and in some cases expensive cancellation fees.

Benefits of using a factoring broker

A factoring broker is a ‘middle-man’ between a business seeking a factoring facility and a factoring lender. They can put you in touch with the right factoring lender for your business and offer the following benefits:

Preferential charges and discounts: Some experienced brokers have established a solid relationship with factoring lenders. In return, businesses such as yours could have access to preferential rates and special offers. Some factoring brokers for instance could arrange for a rolling contract period, with no additional charges whereby customers can terminate the agreement at any time within the set period, say 3 months.

Free Quotes: Most factoring brokers offer you the chance to get online quotes instantly. It often requires very limited relevant information on your business and these quotes will reflect a range of lender deals. By filling a quote form, very often you could get a response on the same working day.

Offer condensed experience: Experienced brokers have helped so many firms find the right cash flow solution which means that you are unlikely to be presenting your broker with a situation they’ve not dealt with before. Factoring brokers often have a deep understanding of the different factoring options available. Your particular circumstances will be unique but it’s likely that the broker will have helped organisations with similar issues in the past.

Access to expert advice: Factoring brokers understand the needs of both parties and will identify the most suitable lender(s) on their panel to match your business’ needs. They will be able to offer you good impartial advice on a range of services. A good broker should be aware of how flexible lenders can be and advice you on the risks to avoid. You’ll be advised on the best value and you could have access to the most affordable deal.

Strong relationship with potential lenders: Factoring brokers work with a network of lenders and allocate the most suitable lenders for your business. This is after taking into consideration your business’ size, industry and location. Factoring brokers can save you a great deal of time, effort and money by finding you the most suitable lender deals.

Free Consultation Services: Factoring brokers usually don’t charge you a penny for using their consultation services and advice – it’s free to speak to them. Their fees are paid by the lenders and it’s in their interest to help you find the best deal.

GUEST BLOG: This business advice article was provided by Touch Financial, the Factoring specialists.

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Purchasing supplies for your business more effectively

Dec 19, ’11 7:40 PM

Author Stefan Töpfer (Editor) Categories Guest Blog, Suppliers

When it comes to the day to day running of a business, it’s easy to let supply purchasing slide to the bottom of priorities, especially during rougher economic times. More firms than you would imagine take this approach, but that would be missing the point. The best way to increase profit in business is to cut outgoings, and there’s no easier way to do this than by managing what the company buys more effectively.

• The first thing to remember when buying for a company – whether that’s essential trading supplies such as those intended for use in the manufacturing process, or simply office supplies that every business uses like cardboard boxes – is the increased buying power that results from the higher volumes you will be purchasing. Firstly, building up a healthy working relationship with suppliers is key, and will allow you to negotiate discounts over time as a result of your loyalty and any increases in volume. Secondly, try asking about money off for combining orders due to the cost reduction of joining shipping and admin costs together. One last possibility with more eco-friendly companies is to ask if there are any money off incentives for recycling efforts on the part of your company.

• A professional and fit-for-purpose inventory system is not only vital for purchasing supplies, but even affects the business as far as budgeting and finance company-wide. The relatively small amount of capital and man hours needed to put an efficient system in place pales in comparison to the benefits it will bring, including an exact knowledge of what needs ordering and when, which over time will mean that supplies can be ordered in anticipation of them running out, eliminating over and under-ordering and breaks in the supply chain.

• Another important thing to take into account is to balance the ‘cost of money’ – the interest accrued on money used to purchase supplies, and a system used by many businesses, particularly start-ups – against savings made from discounts, recycling schemes etc. If the savings are larger than the cost of money, the decision to purchase more supplies should rest on the needs of the company, the other way around however, and the company will be losing money on every purchase. It’s important to note however that even in these circumstances, not purchasing supplies that are needed can end up creating a bottle-neck and losing the firm even more money.

GUEST BLOG: This helpful article was kindly provided by Daniel Nicklin.

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Five Ways Flexible Working Can Boost Productivity

Dec 16, ’11 3:57 PM

Author Stefan Töpfer (Editor) Categories Business Trends, Guest Blog

Research and case studies show that flexible working can increase people’s productivity.
Flexible working ensures people are on top form and have the scope to put in the best work, when it matters most.
General improvements in mood and health also means less days lost to absenteeism.

Flexible working is increasingly popular, especially for smaller companies. But one issue that is always raised is productivity. For many managers, an unsupervised employee working from home is simply too big a risk to take in terms of their efficiency. However, some big players have taken the plunge and experimented with flexible working and have seen some big rewards. Businesshr.net reports that the RAC saw gains in productivity of 8% for hours worked on a flexible policy, and BT saved £47m in terms of recruitment, sickness absence and accommodation costs – and gained a £10m from productivity gains.

So, what benefits does a flexible working policy offer in terms of people’s productivity?

Accounting for difference

Everyone is different. It’s a well-known platitude – but one that happens to be true. We vary based on our family environment, our cultural context, our genetic makeup, and our particular life experience, based on a number of factors. A flexible working environment gives more people the opportunity to work when they are at their best, by allowing them more control over when they work and when they rest.

Improved responsiveness

Offering flexible working shifts allows your business to better respond to sudden increases in workload. Under certain flexible working schemes, more hours can be worked during very busy periods, in exchange for working less hours during a quiet time.

When combined with remote working, the lack of commuting also makes working later during busy times easier, as there’s no need worry about being able to get a bus or train – and people are able to relax as soon as they finish, rather than facing a commute after a long period of work. One IBM study in 2010 showed that such arrangements can lead to workers being able to clock up many more hours without it interfering with their normal lives.

Morale and Retention

Allowing some flexible working can boost morale, by giving people more autonomy and the chance to have a better work/life balance. According to a survey conducted for the Chartered Institute of Personnel and Development (CIPD), ‘workers on flexible contracts tend to be more emotionally engaged, more satisfied with their work, more likely to speak positively about their organisation and less likely to quit’ (from its flexible working factsheet).

Health and Absence

Flexible working policies have also been shown to improve people’s general health. Not only is this a good thing in itself, but also means less potential work time lost to ill-health. Companies stand to gain a lot from the reduction in hours lost to sickness.

A 2010 study by the Cochrane Library found that flexible working policies can lead to improvements in sleep quality, blood pressure, alertness and overall mental health. So not only are there likely to be less sick days, but the time worked will also be more productive, thanks to the general benefits to mental alertness and mood.

Office Space

Flexible working approaches that include a lot of working from home can also help cut costs. Energy and other office resources are used by fewer people, less frequently. A smaller number of people working in the office also means less desk space is needed, means a small premises can be used, leading to some major savings in rent, or more efficient use of existing space.

Combining remote working with services such as virtual offices can also allow you to establish a presence in a new city, without the significant expense of paying for physical office space in the area.

Flexible working practices can help your staff and your business in a number of ways, increasing people’s work satisfaction and productivity, increasing your ability to respond to large workloads and project requested at short notice, and cutting costs. With more businesses realising these benefits, and as these practices becoming better supported by government policy initiatives, it is likely that this will soon become the standard for most businesses.

GUEST BLOG: This helpful article was kindly provided by Digital Marketing professional Alexa Garthwaite, of Executive Offices Group. Follow her on Twitter @alexagarthwaite / @execoffices

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Top 5 Twitter Accounts to Follow for Business Tips

Dec 13, ’11 2:58 PM

Author Stefan Töpfer (Editor) Categories Guest Blog, Online Marketing, Social Media

For small businesses, keeping on top of digital marketing channels such as Twitter can be time consuming.
The article identifies five of the best Twitter profiles that are publishing relevant and useful information for SME owners and employees.
From online marketing advice to trend analysis and hardcore metrics, these five profiles provide a wide range of topical advice.

Twitter is a great source for up-to-the-minute information, letting you absorb information that has been summarised or presented in a way that strips it down to the bare essentials. For small business owners time is always tight – and this has never been truer than in the current difficult economic climate. Let’s face it, do you have time to read ten different blogs a day? Twitter goes some way towards solving this, but the amount of information can still be overwhelming.

To help keep it more focused, we’ve put together a list of the top five business Twitter accounts that should be essential reading for SME owners. Read on to find out who they are, what they specialise in, and what you stand to gain by following them.

1. Kyle Lacy
Whether he’s waxing lyrical about the benefits of LinkedIn for personal branding or handing out top tips for Twitter marketing, you’ll always find a novel viewpoint or a useful list on the Twitter stream of Kyle Lacy.

The author of Branding Yourself and Twitter Marketing for Dummies is an active tweeter, sending out the latest articles on using social media for small businesses, and as well as answering the odd question. A good one to follow if you like perky, personable messages from an industry specialist!

2. UnMarketing
Legendary (un)marketer Scott Stratten runs the UnMarketing blog where he lists his stories, gripes and general ramblings. Different, often original, and more unpolished than any of the other accounts you’ll find in this field, following Scott on Twitter is what you do if you’ve lost faith in the conventional wisdom and want something more unique.

UnMarketing is just as likely to tell you where you’re going hideously wrong, as it is to show how to make the best campaign. It’s this uncommon ability to be unflinchingly honest, while still remaining helpful, informative and personable, that has helped Scott scale the giddy heights of Twitter fame. One to follow if you like to laugh while you learn and aren’t afraid of taking a more unorthodox approach to your business.

3. Small Business Trends
Small Business Trends looks at the important issues and hot topics that are relevant to SMEs. Anita Campbell, Small Business Trends founder and co-author of Visual Marketing, is the face of their main Twitter profile. She sends out information on the latest posts and features from the blog, tweets about the latest development for small businesses, and answers questions on running a small business.

There’s a technology focus to the tweets, with topics like social media and online marketing techniques taking a prominent place. But don’t think this is just another business technology blog, as Anita offers plenty of sound general business advice too.

4. MarketingProfs
For some hardcore metrics and trend analysis, check out the news feed from Ann Handley the Chief Content Officer at MarketingProfs, who runs its main profile. MarketingProfs is very focused on the world of digital and marketing, rather than broader small business information – and thanks to this, it means you won’t miss a thing about online marketing if you follow this account!

This is a profile that is insightful, active, informative and very engaged. It’s not one for the novice, but if you’ve found your feet when it comes to the digital side of promoting your business, then you won’t find a better way to keep on top of the latest developments (and maybe ask a few questions about them).

5. smallbusiness.co.uk
If you run a small business in the UK, then there’s no better Twitter profile to follow than this one. This is a great complement to some of the other more technical profiles listed here. Following this account will keep you up to date with all the latest news that’s relevant to UK SMEs, including the changes to business law, the latest research on workforce issues, opinion pieces, useful tips on the latest government funding initiatives and information on business services, such as serviced offices. A must for anyone who is set up in the UK, but contains some good advice and articles for any SME, wherever they might be.

GUEST BLOG: This helpful article was kindly provided by Digital Marketing professional Alexa Garthwaite, of Executive Offices Group. Follow her on Twitter @alexagarthwaite / @execoffices

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Protect Your Customers With Public Liability Insurance

Nov 29, ’11 6:02 PM

Author Stefan Töpfer (Editor) Categories Guest Blog

Businesses credibility can only really be viewed by the service it provides to its customers. With this in mind, this is why any business that is serious about its credibility should do its best to make sure their company is based on a strong foundation. An element of this proposition consists of creating financial security for the business and its customers in the event of an accident occurring, so you should ensure that you covered.

What is public liability insurance?

To begin with, public liability insurance helps to ensure the area where your business functions is as secure and safe as it can be for your customers, just in case an accident occurs. In the event that an unplanned accident occurs and badly injures one of your customers or damages their assets, liability insurance will help finance your legal costs fees related with your injured customers’ claims.

In today’s modern times it pays to be protected and public liability insurance is crucial for any credible business proprietor.

But how can liability insurance safeguard my customers?

Public liability insurance protects both your business and your customers effectively. Hypothetically, if in court, your company is made liable for the injury or accident, your liability insurance can also protect the injured customer by reimbursing their medical costs and maintenances to personal assets. This type of monetary relief can help guard your business brand image.

What conditions permit public liability exposure?

Clearly, if you run an office or public space, your public liability insurance will help to safeguard both your company and any individual who walks in to your place of work. But, public liability is also extremely helpful should you be restoring your work space. The reason for this is simple, because renovation unsurprisingly increases the likelihood of an accident occurring, even if you have notified the public and made sure the site is safe.

This type of insurance is also extremely helpful even outside the property of your business. Should you be presenting a public work function in an eating place or common, your insurance can also cover accidents concerning near non-employees and their assets.

Where can I learn more about public liability insurance for my business?

To be a credible business you’ll need to learn about public liability insurance by contacting a well-informed insurance broker who will supply you with advice and a price. A simple way to do this is by visiting a website such as constructaquote, and be linked to a professional insurance agent in a few seconds.

GUEST BLOG: This helpful article was kindly provided by Jo Lewis.

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