It’s 2020, a new year and the peak time for making a change, personally, or even professionally. Business startups are prevalent in a new year, and with self-employment on the rise, now may be the time to get involved.
The latest Office for National Statistics figures (ONS) reveal that in 2019 there was a record of 4.96 million self-employed people (15.1% of all people in employment), 182,000 more than in the previous year.
So, perhaps you may be thinking about entrepreneurship? Maybe you have already finalised a business plan, thought out your structure, branding, finance… But have you got your insurance?
Here at Firth & Scott, we take pride in nurturing, and offering support and advice to our new business clients.
If the Top 5 most successful business start ups of 2019 (according to Startups.co.uk 100 list) were our new clients, what cover would we recommend?:
- Revoult – Launched in 2015, with over 8M+ users globally, Revolut is one of a number of contender banks to offer an array of no-nonsense financial services to users around the world.
- Igloo – Founded in 2017, Igloo is a striving energy retailer. Making homes more smart, energy efficient, and green; by use of modest tech and advice.
- Trouva – Founded in 2015 – Trouva is a software-enabled marketplace for homeware. Bringing their customer over 150,000 unique products from independent retailers around the world.
- Soldo – Founded in 2015, Soldo’s aim is to help companies balance their budgets, providing a simpler way to manage all staff and department spending by use of a prepaid card.
- Elder – Founded in 2015 – A tech-assisted healthcare business. Elder matches families with professional, vetted carers. Using compatibility along with preference matching, Elder can ensure that families can find a trusted, suitable care worker.
Business trends are ever-evolving. We have seen a surge in technology-enabled businesses in the last few years, and these businesses fit the bill. To these five companies, we would recommend the following: Public Liability, Employers Liability, Product risk, Professional Indemnity, and Cyber. (With exceptions of Elder, to which medical malpractice cover, would also be recommended).
With new technology developments; streaming platforms; smart, clean, and green living movements; reinvention of products to use less plastic. – Who knows what the best business startups of 2020 will bring?
But, no matter what the venture, you must be well equipped and that means having the right insurance cover for your business.