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What Insurance do you need for a small business?

Posted on by Nova Blogger

Thinking about insurance may not be one of the most exciting things to do, but it is unfortunately necessary if you want to have a worry-free life. Understanding what kind of small business insurance you need for your business can seem like a daunting task, but if you break it down, it is actually quite logical. If you have a small business, you are legally required to have EL (employer’s liability insurance), which covers you should any of your employees suffer an illness or injury while working for you. In addition to EL, there are some other insurance policies that you should consider as a small business:

1) Contents and portable equipment insurance.

Do you use specialist equipment for your business? Or perhaps you have offices where you keep expensive equipment, such as servers, computers and printers? Protecting these expensive assets with an insurance policy is never a bad idea as you will be protected against a number of scenarios (eg. fire, a burst water pipe, etc). You might also carry a lot of stock on your premises and insuring them against theft and damage could save you in a big way in the future!

2) Public liability insurance.

Any small business should consider their need for public liability insurance. This kind of insurance will cover you in the event that you are taken to court as a result of a business activity which has caused damage or injury to another person or their property. At the end of the day, no matter how hard we try to be perfect in our business dealings, we are all human and mistakes can easily happen at any time. Your legal costs will be covered, as well as any compensation you need to pay to the injured party. Bear in mind that some large companies will only (understandably) award contracts to small businesses that are covered by public liability insurance.

3) Cyber Insurance.

In these modern times, the vast majority of companies use a digital system of some kind. While these systems can be protected by firewalls, virus protection and strong passwords, they are still vulnerable to cyber attacks. Cyber insurance can protect your business against malware and cyber attacks and cover any costs related to legal claims and compensation costs.

4) Directors’ and Officers’ Liability Insurance.

Directors’ and Officers’ Liability Insurance (also known as D & O) covers the directors and any other individual who has management responsibility in your business should they be personally held liable for their business actions.
This could involve breaches to UK health and safety regulations, errors in financial reporting and mismanaging the company pension fund.

Conclusion.

Still not sure what kind of business insurance is most suitable for your needs?
Don’t worry, we can help! Contact a member of the Nova Insurance team and we will give you expert advice
that is tailor-made around your business. Our call centre is open 6 days a week and calls are free of charge as we use 0800 numbers

Why does car insurance go up?

Posted on by Nova Blogger

Your car insurance premium is not an arbitrary figure – the amount you pay to insure your car depends on various factors. So, if you are about to renew your car insurance, what could be the reasons for your car insurance going up? Let’s take a look!

Assessment of your risk factors.

When calculating your new car insurance premium for the coming year, your insurance company will assess your risk factors. You will be asked to inform them if anything has changed in the past year. This would include a change to where you live, where you park your vehicle, changes to your vehicle and how many miles you drive per annum. It is not a good idea not to disclose any changes as failure to mention them could result in your insurance company not paying out on a claim.

Were you involved in a car accident?

If you were involved in a car accident in the past year, your insurance premium will be likely to increase. A sad fact is that even if the accident wasn’t your fault, your premium will still likely go up. If you caused the accident, however, your increase will be even higher.

Drivers licence points.

Have you accumulated points on your drivers licence over the past year? If so, they may remain on your licence for a while and cause your car insurance premium to go up as they indicate that your driving style is risky.

Your job.

Insurance companies view certain jobs as being riskier than others. When you complete your profile with your insurance company, you will be asked to provide details of your occupation. Since some occupations are considered to be riskier than others (even if they don’t actually involve any driving), what you do for a living can affect your insurance premium.

Changes to your vehicle.

Thinking of sprucing up your older car with a new lick of paint? Or perhaps you want to lower its suspension or add a nifty, new spoiler? Sadly, any modifications to your car can mean an increase in insurance premium as your car would then be considered to be a greater target for car thieves. If you have made any modifications to your car recently, be sure to let your insurance company know so that they will pay your claim should your car
get stolen.

Insurance fraud.

Every year, countless individuals make fraudulent claims with their insurance providers. This includes fake claims and providing false information. Although the vast majority of insurers have sophisticated systems to help combat fraud, car insurance fraud is still a massive problem. Sadly, when there is an increase in insurance fraud, this pushes up premiums to compensate and everyone ends up paying more.

Criminal convictions.

If you have been convicted of a crime (regardless of its nature), you will need to inform your insurance company. Even if your conviction has nothing to do with driving, it is important that your insurer is informed so that they can determine the risk to them.

4 Tips for Becoming a Shop Owner

Posted on by Nova Blogger

Even though retailers have had a hard time over the past few years there are signs that the economy is on the mend, which means that shop owners are expecting a brighter future. This is why it may be a good time to start thinking about getting into the retail business, however for many this may seem a bit daunting as they don’t know where to start. This is why Nova Insurance is here to help with our four top tips for becoming a shop owner:

Think about what you want to offer

The first thing you need to decide when getting into retail is what type of services and products you want to offer your customers. Most people will already have an idea of this before they begin the buying process, however just because you have an idea it doesn’t necessarily mean it’s going to be a successful one. For instance, if you are planning on selling clothing you need to look at other shops in the area and see if you can realistically compete.

Getting to know your local area and its high street is a great way to help you decide what type of business you want to start, as not only will it give you an idea of the amount of demand in the area but also the type of shops that are already popular. For example, if you want to open a shop in a quiet rural area you should think about the types of products that would appeal to those that live there; instead of a high tech music store maybe focus on selling vintage radios and records instead.

Research the market

Even though the economy is improving it will still take a long time for shops in Britain to see the success they did pre-recession, which is why it is important you understand that investing in a shop is still risky. In order to reduce the amount of risk you should research the market to understand what issues you may face in the future. Don’t forget that the rate of success for businesses vary from area to area, so make sure you get information not just from the national papers but also your local council.

Another thing to keep in mind when thinking about opening your first shop is that there are a number of outgoings you will have to pay for even if business isn’t doing well. Rent, shop insurance, and even the products themselves all cost a considerable amount of money, so it is advisable that you have some sort of contingency fund in place in case you go through a rough patch.

Future proof your business

Many people claim that the demise of the high street has been partially caused by online shopping, especially as it has become increasingly popular over the years. However, there are still enough people who like the option of physically seeing a product before buying it, so as long as you give your customers the choice you can protect yourself for the future.

It is essential that when planning on buying your first shop you think about how you are going to market it online. It is very rare these days for any company not to have a website at the very least, however if you go further you could improve your business. Offering your customers the ability to order products online is just one way of doing this, however you can also utilise social media platforms in order to get to know your customers, build an online community and further advertise your store and products.

Be Passionate!

If you are still on the fence when it comes to deciding whether to open your own shop then you need to think about what you truly want. Putting time and effort into your business is the only way that it will have a chance of succeeding, and so you need to make sure that this is something you really want to do.

Owning your own shop can be great fun, especially if you have a real passion for the products you sell and want others to enjoy them as much as you do. As long as you make sure you plan ahead and give it your all you should enjoy your new career path!

What business insurance do i need?

Posted on by Nova Blogger

When considering business insurance, it’s important to think about the cover or covers you might need. Employers’ liability cover is a legal requirement for most UK based businesses with staff. Public liability insurance is important if you or your employees will be coming in contact with members of the public. Finally professional indemnity insurance is useful if your business offers advice, such as consultants, accountants and solicitors.

 

Policies you must have as a small business
There is only one policy you are legally required to have as a small business, and that’s employers’ liability insurance. This is often abbreviated to EL.

Employers’ Liability insurance or employers’ liability cover offers cover for your business in the event that one of your staff members claims they’ve suffered an illness or injury as a result of working for you. In the event of a successful claim it will cover the legal and compensation costs involved in defending the case.

 

What happens if you don’t have Employers Liability cover?
If you, or your business does not have appropriate EL then the Health and Safety Executive (HSE) can fine you £2,500 for every day you go unprotected.

 

What about if i am working from home?
Flexible working hours, no daily commute and less stress are just some of the reasons that running your business from your home could be a good idea. But whatever the reason is behind running your business from home, you need to make sure that you have the right insurance in place to cover your business activities at your home address.

 

Need a business insurance quotation?
Call Nova Insurance on 0800 083 1566 or click here to request a quotation.

GDPR – What It Means For The Self-Employed, Sole Traders And Small Businesses

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What Exactly Is The GDPR?

GDPR stands for General Data Protection Regulation. It is a new European-wide data protection law that is due to come into effect on the 25th of May 2018. It applies to all businesses in the UK, including the self-employed that are currently affected by the Data Protection Act of 1998.

 

If you are dealing with data from individuals from the European Union then it will apply to you as well. There are some exemptions for businesses with less than 250 employees. Since 1998 there have been so many technological changes, the amount of data we use has gone up exponentially, and continues to grow.

 

The new law came about to improve the existing Data Protection Act, making it relevant to current times so our data can be safer and we can have more control over it. It also aims to establish a unified set of data protection rules across the member states of European Union.

 

GDPR aims to protect individuals information, by making companies more responsible for how they handle the data they collect. This includes data about employees, clients, and suppliers as well. There are fines of up to £17 million or 4% of turnover (whichever is greater) for those who fail to comply with the new regulations.

 

Even though the UK is due to leave the European Union in 2019, UK businesses will still have to comply with the new laws from when they are implemented in May. It is widely believed that the GDPR law will become UK law after the transition period.

 

So What Steps Can You Take To Ensure That You Are Compliant?

If you are self-employed or run a small business, here are a few things you can do to get ready for GDPR:

 

1. Go to the Information Commissioners Office (ICO) website.

On the site, you can get an overview of what GDPR is an how it will affect you and your business going forward. Here is the link:

https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/

 

2. Put a system in place.

If you are self-employed, you are likely to be the point of contact for all GDPR activities, including compliance, monitoring and answering any related queries. Try to put a plan together that is based on the GDPR’s directives. Make sure to include a way to find out if your data has been compromised, so you can notify the relevant authorities within the required time span. You can reduce the chances of data breaches by having adequate data security measures in place, on and offline.

 

3. Get any necessary consent

One of the key requirements of the new law is that of consent. In certain situations, you are required to have clear and specific consent from individuals that shows that they are ok with how you intend to handle their data.

 

With about a month to go before the new law comes into place, it makes sense to go through the process of making sure your business is compliant now. Many of the laws from the GDPR are similar to the current Data Protection Act, so there is a good chance you are already following some of the processes, but there might be a few changes that you will need to make so as to be fully compliant.

If you are not already managing your data according to the Data Protection Act 1998 standards then it may be a good idea to seek professional advice from an expert who knows about GDPR, to help you get compliant before the deadline.

 

Healthy Eating For Tradesmen

Posted on by Nova Blogger

 
The job of a tradesman is a physically demanding one. Most have early starts and the days are long, with the average being between anywhere from ten to twelve hours. Majority of the day is spent on your feet, carrying building materials around, coupled with that you are often working outside facing the elements. With all this in mind, it comes as no surprise that eating properly during the working day can be a challenge.

Here are some of the common problems tradesmen face when it comes to healthy eating.

 

Problem 1: Too busy, so don’t have time to eat

In a typical workday there are lots of tasks to be done. Very often things don’t go as planned on site, something might come up which needs your urgent attention, and so you end up skipping lunch and not taking any breaks. You often find that the day goes by and you haven’t had time to eat.

 

Problem 2: Making unhealthy choices

You don’t have time to go and shop for lunch, so you have to eat what is available on site, even if the choices might not always be the healthiest.

 

Problem 3: No food on site

You are on a site that has no food, and there is nothing near by.

 

To function properly on site, you to have eat well in order to fuel the body with enough energy for the day. Not getting enough food will mean you are more likely to get tired later in the day, which can affect your concentration levels. So here are a few things you can do to improve your eating habits while working as a tradesman.

 

Solution 1: Bring your own food to work

If you know ahead of time that that your days are always busy, then take some time when you are off work to plan your meals for the week. This is the best way to take control of your eating.

Search for a few ideas online, then make a shopping list. Choose simple nutritious foods that are easy to prepare. Try to include lots of vegetables. Prepare your meals the night before. If you are really pressed for time, then another option is to take left overs from dinner for lunch the next day. Also invest in a lunch box so you can take both hot and cold food.

 

Solution 2: Eat a good breakfast

Having a good breakfast sets you up for the day ahead. Try to go for some form of wholegrain such as oats, to keep your energy levels up throughout the morning day.

 

Solution 3: Keep healthy snacks

Be sure to include some healthy snacks that you can eat on the go, to boost your energy levels between breakfast and lunch, and between lunch and dinner. Fruits and mixed nuts are a great example. If you are really pressed for time then consider taking some form of health shake that you can mix with water to drink.

 

Solution 4: Drink plenty of fluids

As you work you are losing water throughout the day. Dehydration can lead to a loss of performance, so to keep you hydrated, it is important to drink lots of fluids.

A good idea is to carry a few bottles of water, or a flask is also a good idea as you can keep cold drinks in it in the summer and hot ones in the winter.

 

Eating well does not have to be difficult, even for busy tradesmen. The benefit of doing so means that you will have more energy and so you can be more productive at work. By getting prepared ahead of time you can find a way to eat healthy without disrupting your workday.

 

 

How and Why Networking Can Help Your Business Grow

Posted on by Nova Blogger

 

Networking has many benefits for any business. When it is done correctly it can lead to many long lasting and mutually beneficial relationships. It can open the door to new opportunities that you may not have been aware of, such as joint ventures, partnerships or referrals.

Also, it is a brilliant way to get your business known by others in your industry, and to build a solid reputation in your chosen niche.

 

Commonly Used Forms Of Networking

There are two commonly used forms of networking: face to face and online. For most businesses face to face networking is traditionally the chosen method. Both types are effective, and have their pro’s and cons.

For example with face to face networking, you will need to travel, which will requires time and some money. Online networking is usually free, but even though you can chat with other businesses, it is not the same as meeting them in person. It is usually a good idea to use both types.

 

Face To Face

Lets take a look how to use both methods, starting with face to face networking.

Be sure to attend regular trade industry events and more general business events, both local and national throughout the year. Try to make it a habit to attend at least one a month. Be sure to attend regular trade industry events and more general business events, both local and national throughout the year.

Consider joining groups that have a large cross section of members and host regular networking events, like your local chamber of commerce. It is also worth checking with any organisations that you are already a member of to see if they have any future events planned.

It is often a good idea to prepare before attending network events by getting your promotional brochures and business cards in order. Try to decide before hand what your business has to offer those you might be interested in building a relationship with. If at all possible, make sure you create a list of the businesses you would like to meet, and do some research on these potential contacts, so that when you meet them you can ask relevant questions.

When at the event try to meet as many of these businesses as possible, and make sure that you stay focused on speaking to those on your list first. While it is important to talk about your business and ask questions, it is just as important to listen to what others have to say. Remember to ask if you can exchange details with a view to getting in touch in the coming week.

 

Online

When it comes to networking online, it does not have to be complex. To begin with you can create a basic social media plan. It should include a list of all the social networking sites that are relevant to your business, together with a list of the types of businesses you would like to contact.

Then set aside a specific time every week to use these social media platforms to interact with your chosen businesses. Be helpful, try and offer advice or solutions to problems they might have.

 

Nurture The Relationship

Having done the initial work to get new contacts, you must take care to nurture the relationship. Make sure to follow up on any pre-arranged meetings or phone calls, and maintain regular contact by using email or instant messaging.

It may take some time for you to build rapport with your ideal contacts, but it usually worth it in the long run, because businesses feel more comfortable working with someone they know.

 

Networking has the potential to deliver a lot of value for a relatively small investment in time and money, so go ahead and give it a try, it could give your business a good chance of becoming more successful.

 

Things To Consider When Searching For The Right Business Premises

Posted on by Nova Blogger

For any business, finding the right premises can be challenging. Business premises are one of the biggest expenses for a business, so it is important to find the right one at the right price, in the right location. It can often take longer than you think and you might need to look at many places before finding the right one, but it is usually worth it.

Here are a few tips to help with the process:

 

Decide On What You Need

Do you want to buy or lease? Both have their pro’s and con’s, it depends on your situation. If you are just starting up, it may be wise to lease somewhere until your business has proved its-self, before making the commitment to buying a property. However, if you are an already established business looking to grow, then buying premises could be a long term investment.

Whatever you decide on, you will still need to work out what you need, based on a combination of both your business’s current and future plans. A few things to consider are: what size of premises, what layout, and the length of time you require the property if you are renting. Your location of choice will depend on your business type, and you may need to be near your customers if your business requires it.

Set a Budget

The most important thing here is to make sure you can afford whichever premises you are interested in. Look at your business financials to get an idea of how much you can afford to spend, and do some research about the various costs you are likely to incur. For example, there are costs to get the premises, such as deposits, equipment, furnishing, renovations, moving, and any professional fees. Then there are also costs to run the premises on a monthly basis, such as rents, heating, business insurance, business rates, etc. Once you have a realistic idea of your budget and the costs, then you can start the process of looking for your ideal premises.

Get Professional Help

Now it’s time to get professional help for your search. You need to make sure you seek professional advice before agreeing to any terms, signing any paperwork, or paying any deposits, so you don’t make any mistakes. Your accountant would be able to double check your budget to see if it is affordable.

Commercial property leases can be complicated, and so there is a good chance you will require a commercial property lawyer. Also, you will need a commercial property agent to find a list of vacant premises for you to look at.

Start Searching

At this stage, it is important to try to see as many properties as you can. It may help to make up a schedule so you know in advance when you have to view properties. Setting up a checklist can be a great way to compare the properties you see, so you can make a better decision about which is best.

The list could contain all the elements that are important for your business. You can then score each property you see based on your criteria. At the end of your search, the ones with the highest scores can be put on a shortlist for further consideration.

Purchase The Premises or Sign The Lease

Once you have found your ideal premises, one that fits all your requirements and meets your budget, then it’s time to sign agreements and hand over deposits. Your professional advisers will help to guide you through each step of the completion process. After all that is done, then it’s time to renovate, move into your new premises and carry on with business as usual.

 

9 Steps For Starting Up A Bricklaying Business

Posted on by Nova Blogger

Running your own bricklaying business will provide you the opportunity to be your own boss and set your own hours, but there are a few things you’ll need to get your business on the right track to success from the start.

Here are 9 steps to help you launch your business:

 

Step 1: Create a business plan

Writing a business plan will help you determine your business goals and the resources you need in order to meet those goals. The process of writing a plan will also give you a chance to see if your idea is feasible or not. Your plan will act as a working document for your business, as well as a tool for getting any required finance.


Step 2: Get the right training and qualifications

Once you decide that your idea is feasible, the next step is to get qualified. If you have no formal training in the construction industry, then you should consider taking one of the many accredited bricklaying courses that are available. It would also be a good idea to find some kind of temporary or part-time bricklaying work so as to practice your skills. If on the other hand you have experience in the industry, then put together a list of your current skills/experience and determine what additional training and qualifications you need to get.


Step 3: Get the necessary finance

With your business plan written, you can now begin the process of looking for money to fund your start-up. Check to see if there are any available government funded schemes that offer financial assistance to your industry. It is also worth approaching your bank and the many alternative lending providers including crowd funders.


Step 4: Find a suitable business location

You now have to decide where you will operate your business from. With a bricklaying business you will need a suitable place, because you will have equipment and materials to store. You may choose to work from home to begin with, in which case you should set-up a designated area for that. However if you decide that you want to work from away from your home, it is best to look for a location that is easily accessible, so that potential customers will be able to reach you.


Step 5: Register your business

Now it is time to decide whether to operate as a sole trader or a limited company. Both have their pro’s and con’s. It is easier to set up as a sole trader, but a limited liability company will offer more legal protection. If you decide to incorporate, then you have to choose a name and register it with Companies House so no one else can use that name. Regardless of which structure you choose, you have to notify HMRC of your decision, so you can apply for the necessary tax/ national insurance documents before you begin.


Step 6: Get equipped

It is time to equip your business with any tools you need to perform your bricklaying tasks. This will also involve choosing a vehicle to transport you and your kit. Depending on your finances you may decide to buy these items outright or to lease them until your business grows. If you already have equipment, then this is the time to get them cleaned and serviced.


Step 7: Apply for licenses and permits

You need to contact your local council in order to find out what licenses and permits are legally required for you to operate as a bricklayer. This is also a great time to join any relevant trade associations.


Step 8: Get Insured

This is one of the most important steps that you must complete. In bricklaying as in many construction related jobs, accidents can and will happen. Therefore it is essential that you protect yourself, and your business from any legal action that may follow. To begin with you would need some type of public liability insurance coverage, this is is great for things like customer and staff injuries as well as any mistakes or damage to your customers properties. Then you need some form of coverage for your all equipment including vehicles if you have them to protect them for loss, damage or theft. Finally you may want to consider some form of income protection so you are covered in times when you are unable to work due to personal illness or other unforeseen events.

Step 9: Promote your business

Once you are financially and legally ready to start operations, you focus should now be on getting customers. A great way to do so is by having an online presence via a company website. This will make it easy for potential customers to find out about your business and the services you offer. Couple this with the many social media channels and you can reach a large audience of potential customers quickly. Offline you can take out ads in local papers and business directories. It is also worth networking with other tradesmen, to find out if there is any work you can do together.

Once you have completed all these steps, you will be ready to launch you new bricklaying business, knowing that you are adequately prepared for the journey ahead.

 

 

Making The Switch From A Sole Trader To A Limited Company

Posted on by Nova Blogger

You can choose to change your business’s status from sole trader to limited company at any time. Both formats have their pros and cons; the best choice will depend on a combination of your current situation and future plans. However, there may be an optimal time to make the switch, and that is when the benefits of being a limited company outweigh those of being a sole trader.

So when might this be? Well, here are a few possible situations in which it might be the right time to make the switch, but it is important to make sure you calculate the potential benefits and savings first before making the switch.

You may decide it’s time to make the switch if:

Your salary is increasing:

As a sole trade,r you have only one way to take your salary, and that is as a salary, plus you must pay both income tax and national insurance contributions on it. A company director, on the other hand, can choose to take their wages by a combination of salary and dividends. Dividends are free from national insurance contributions. So as a company director, you can reduce your taxes by taking a small salary and the rest from dividends, making it a more tax-efficient way.

You are looking for investment:

If you are looking for investors, then setting up as a limited company means that you can sell shares to investors. Also, there is the added perception that a company has more credibility than an individual, and so many companies prefer only to do business with a limited company. Due to this, potential investors are likely to be more open to investing in a limited company as opposed to a sole trader.

You are concerned about liability protection:

As a sole trader you and your business are considered one and its debts are yours, so if your company fails then you are liable for it’s debts. A limited company on the other hand is legally a separate entity from its owners, and so if your company is fails then your personal assets are not at risk, because as a share holder you are not liable for its debts.

Your company profits start to grow:

When you are trading as a sole trader, you are taxed via the annual self assessment system and you and your business are considered one entity. A company, however is taxed via the corporation tax system. There are some potential tax savings that can be made by switching to a limited company.

For example, for the 2016 -2017 tax year, as a sole trader your tax free allowance is £11,000, you the pay 20% tax on any amount between £11000 and £43,000, after which you are taxed a higher rate of 40%. However for a limited company, the annual small profits tax rate is currently 20% on any amount up to £300,000. So switching to a limited company may be more tax efficient because even though it is taxed at the same tax rate, it has a much higher maximum amount.

You want to protect your intellectual property:

By registering your company name with companies house, you prevent any other person or business from using the name, it is now protected by law. However as a sole trader you don’t have this protection, and so it can be a lot harder to protect your name.

So there are some scenarios in which you might consider changing from a sole trader to a limited company, because to do so will result in some form of savings and other tangible benefits. If you do make the decision to switch, you then need to notify the HMRC that you are becoming a limited company, and then de-register as self employed. From there it is a simple process of registering your business with Companies House and then you can start trading as a limited company.

 

 

 

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