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HomeFinance and AccountingBusiness InsuranceNo Two Businesses Are the Same, So Don't Risk Losing Out by...

No Two Businesses Are the Same, So Don’t Risk Losing Out by Signing Up for Vanilla Insurance Cover

Since March 2020, the UK has been gripped by the covid pandemic which has had unprecedented impact on our personal and working lives.

Prior to the crisis everything was ticking along smoothly, but the coronavirus crisis has turned things upside down for many businesses – small and large.

Some people have had to rethink their business strategy and, in some cases, have moved into a new specialist area, so they are more resilient and one with a brighter future.

However, now the economy is starting to unlock, some business owners are struggling to find enough staff as they’ve decided to leave the hospitality sector and look for more secure work.

Rebuilding your business by taking a new direction or starting from scratch won’t be easy and as well as finding the right staff you’ll need professional support if you are serious about a long-term future in your industry.

It’s at this time you should review all the third party support your business relies on, from your accountant, your bank, and your insurance provider.

Moving your bank account isn’t as big an issue as many people think it is.

There is now an official Current Account Switching Service (CASS) which allows you to transfer your account from one bank to another within 7 working days, plus if anything goes awry during the switch, there is a guarantee that any charges incurred will be refunded.

A total of 137,976 switches took place in the first quarter of 2021, according to figures from the Current Account Switch Service (Cass).

You can get a flavour of which banks are popular and those that are not from the most recent statistics.

Across Cass’s 50 participants, Lloyds Bank had the largest net switching gain in the last quarter of 2020 (29,556), followed by Starling Bank (15,960), NatWest (9,003), Clydesdale Bank (8,584) and Monzo (6,765).

TSB meanwhile made a net loss of more than 20,000 switches.

As well as sorting out a more suitable bank account for your business, it’s equally important to ensure your insurance cover is aligned with your business activities and that you cover is sufficient.

If you run your own business from an outlet on the high street or perhaps have a sleek online presence, there are many risks faced by retailers.

Shops can vary enormously, you may have a single small shop, or multiple premises.

You could be an independent retailer or part of a group, but no matter what size your operation, it’s important to find the shop insurance package that’s right for you.

For example, your retail insurance could include a wide range of cover, from seasonal increases to business interruption insurance and legal expenses cover, including cover for your back office.

Don’t be tempted to buy a standard insurance package off the shelf to try and save a little money as this could turn out to be an expensive mistake if when you come to claim, you find you’re not covered.

Your business is your livelihood, so it makes sense to take time to ensure your insurance cover is spot on.

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