business Archives | Nova Insurance

What Insurance do you need for a small business?

Posted on 14th May 202126th May 2021 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

What Is HGV Insurance?

Posted on 16th April 202119th April 2021 by Nova Blogger

Here at Nova Insurance, we provide worry-free and no-fuss HGV insurance. If you were wondering what exactly HGV insurance is, this article will explain everything you need to know.

Definition.

The term “HGV” refers to a heavy goods vehicle, which is essentially any lorry with a gross weight of 3.5 tonnes or more. Most HGVs have more than two axles and require the driver to have a special or upgraded driver’s license.
HGV driver’s licenses need to be renewed at five year intervals and the holder must also have a Certificate of Professional Competence (CPD), which shows that they have completed all the necessary tests and a certain
number of training hours. Your HGV insurance policy can include named drivers only or you can opt to
have cover for any driver over the age of 25. If you use your HGVs for commercial purposes, they will need to have HGV insurance.

What does my HGV insurance policy cover?

Nova Insurance fully understand that you depend on your HGV for your livelihood and, as such, our policies cover this as far as possible. We offer two kinds of HGV insurance: third-party, fire and theft and comprehensive.

Third-Party HGV Insurance.

A Nova Insurance Third-Party HGV policy will cover you for fire and theft. In addition, you will have cover if you damage another vehicle or it is written off. It also covers damage to property, any injuries to others involved in the accident, and damage as a result of theft.

Comprehensive HGV insurance.

As the name suggests, comprehensive HGV insurance policies provide additional cover. Over and above fire, theft and damage to other vehicles and property, your comprehensive HGV insurance policy will cover you for repair of your own vehicle. Also included are any towing costs, return of your HGV after it has been stolen, changing locks and replacing of keys. At an extra nominal cost, we can also include public liability protection, breakdown cover, hazardous goods cover, cover for driving in Europe, and legal cover. You may also specify cover for any trailers, even when they are not attached to your HGV and are stored in your depot.

How much can I expect pay for my HGV insurance?

As with all types of insurance, the amount you pay for your HGV insurance will depend on various factors.
The easiest way to determine your HGV insurance premium is to visit our website and to obtain a quick quote for HGV insurance (https://www.novainsurance.com/business-insurance/hgv-insurance/). Your HGV insurance premium will be influenced by how often your vehicle is out of the UK, the business in which it operates, and whether or not it has a telematics device. If your HGV is normally parked in a secure facility when not on the road, this can help to reduce your premium. Other excellent ways to decrease your HGV insurance premium could be to obtain an advanced driver qualification and to increase your voluntary excess amount.

What business insurance do i need?

Posted on 9th March 202122nd March 2021 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

Posted on 19th April 201822nd March 2021 by Nova Blogger

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.

How YouTube Can Help Your Business

Posted on 20th February 201822nd March 2021 by Nova Blogger

What is it?

YouTube is the worlds largest video sharing website. It was started in 2005 and is currently owned by Google. On the site, users can upload and share videos that they create. They can also comment on other users videos, as well as like their favourite videos. Users can also subscribe to any channels of their choice.

Here are some of the reason why more and more businesses are using YouTube:

It has lots and lots of traffic. There are currently over 1 billion users and it still continues growing year on year. YouTube is the second largest search engine, and the third most visited site online.
It is a truly global platform. Users span across the entire globe, YouTube is currently available in 88 countries and 76 languages.
It is a powerful video marketing tool. Having a channel on YouTube can help your website get better rankings in search engines.
It is 100% visual. Visual content is much easier to digest than written content and gets better responses.
It is easy to use and is free to upload videos.

How can it help?

Nowadays most businesses include digital marketing as part of their overall marketing strategy. One of the tactics used in digital marketing is content marketing. This is where YoutTube can help your business.

There are many ways you can use YouTube for your content marketing, here are a few of them:

Use it to help customers solve problems and keep them engaged. You can create tutorials and how to videos for customers.
Use it to showcase your businesses products or services. You can show your products or services, in action, and show any testimonials from satisfied customers.
Use it for promoting any future events or product launches. Use YouTube advertising coupled with video news releases to spread the word.
Use it to build your brands reputation and become an influencer in your chosen market. Having a branded channel with your business logo’s and images adds credibility.
Use it to build a community. You can interact with your target market, get to know your potential customers.
Use it to integrate it with your other social media channels. Most of the other channels can show YouTube videos on their sites.
Use it for conducting market research. With YouTube analytics, you can get an idea of who is watching your videos, where they are from and in what numbers
Use it to make some extra money. YouTube will pay you advertising commission once your views get to a certain level.

Depending on your time and budget, you can choose to make the YouTube videos yourself or to outsource it to someone else. However, regardless of the videos are made, try to be consistent with regular postings. To begin with, you can post a new video at least once a week. Then as you get the hang of it you can post as often as you feel necessary. Making the videos doesn’t have to be difficult or time-consuming. Nowadays videos can be made with smartphones and then edited on a laptop or computer, no specialist equipment is required.

For any business, YouTube represents a fairly low-risk way of reaching your target market. Video marketing is one of the fastest growing forms of online advertising, with 80% of online content to be dominated by videos in the next 2 years. So don’t be afraid to give it a try, it could open your business up to a wider audience.

Keeping Business Records For The Self Employed

Posted on 18th October 201722nd March 2021 by Nova Blogger

What Are Records?

A business record is any digital or paper document that records a transaction or process that the business has been involved in. For someone who is registered self-employed, there are three types of records that you will deal with regularly, they are accounting, legal, and insurance.

Why Keep Records?

To begin with, you have to keep adequate records in order to remain compliant with the rules of being registered self-employed. Failing to do so could result in fines and penalties. Another good reason is that you can file your annual returns quickly and accurately before their deadlines.

By being prepared, if you are ever audited or investigated by HMRC you will have all the required information to hand. Finally, by keeping good records you will have all the necessary information you need to make important decisions for your business, for example if you need a loan, having proper records shows potential investors you are serious.

What Records Do You Need To Keep?

Accounting: statements, invoices, receipts

By keeping good accounting records, you can keep track of how money is moving in and out of your business. You are required to keep all your invoices and receipts, as well as all your relevant bank statements. The same goes for any payment slips and chequebook stubs.

Legal: certificates, contracts, permits and licenses.

It is important that you have copies of all the documents that prove you are registered as self-employed. All of your qualification related certificates must be kept as proof of your training and experience. Details of any contracts that you have signed, should also be kept for future reference. It is a good idea to have up-to date original copies of any permits and licenses, as these will allow you to show you are fully compliant with any regulations in your industry.

Insurance: policies

Many self-employed people have some for business related insurance. All of your policy statements and renewal documents should be kept in good order, just in case you need to make any insurance related queries or file for a claim.

How Long Do You Need To Keep Them For?

Currently you are required to keep all your business records for a minimum of 5 years from the 31st of January of the relevant tax year. However, in most self-employed people tend keep their records indefinitely, choosing to store them when they are past the six-year mark. This is a good idea, because if you are part of an investigation by HMRC, that 5-year time limit maybe longer.

How and When To Keep Records?

Even though it may seem daunting at first, keeping proper records doesn’t have to be a chore, all you need is to develop a simple system that you can follow. Start by making a check-list of record keeping tasks that you need to do on a daily weekly and monthly basis. By doing a bit of organisation regularly, you can stay on top of things. This way you will find it much easier when it’s time for to use your business records.

Nowadays with the added help of technology, you can make the record keeping process relatively stress free, and there are many resources both free and paid that are available to help. It can be helpful to keep both digital and physical copies of all your documents, this way you can have access to the digital copies when you are away from your office. The added benefit is that you have some form of backup should you lose all your physical records.

How and Why Networking Can Help Your Business Grow

Posted on 16th June 201712th March 2021 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.

Top Tips To Protect Your Small Business From Cyber Attacks

Posted on 18th May 201712th March 2021 by Nova Blogger

Small and medium enterprises are easy target for hackers. Most small businesses don’t have a dedicated IT department and the majority don’t have proper cyber security measures in place to protect their data. Also there is the feeling amongst SME’s that they are too small for cyber criminals to attack when there are bigger businesses out there, and so investing in cyber security is not a priority.

Protecting Your Business From Cyber Crime

The reality is that cyber crime is one of the biggest risks to businesses of all sizes. Attacks can lead to large financial losses, damage brands and may even result in legal action been taken against your business by a third party. These consequences could result in business closures, so therefore it is important for SME’s to become more proactive about this issue.

One of the main threats is from ransomware attacks that locks devices, before demanding a ransom from the victim to unlock them. Ransomware usually comes in email attachment that users unknowingly activate by opening attachments.

Those who pay the ransom are often more vulnerable to future attacks as their willingness to pay is communicated to other hacking groups. Other common forms of attack are spam, spyware, phishing emails, and data breaches. They all enable fraudsters to get hold of confidential and sensitive information such as bank details.

In today’s increasingly digital world, SME’s need continuous real time protection that is both affordable and user friendly. The best solution is a blend of proper education and effective use of existing technology.

There are many things that can be done for little or no money to reduce the chances of cyber attacks, here are some of them:

Proper preparation is key, this can be done by having a comprehensive cyber security plan that outlines employee roles and procedures in the event of an attack. These plans can then be updated and rehearsed periodically.

All staff should be given the appropriate training to raise their awareness of the issue’s at hand. They should be informed about the appropriate use of their technological devices and company data on a regular basis. By ensuring staff are vigilant against things such as malicious email attachments, they will be less likely to fall victim to cyber crimes.

All data should be backed up regularly on external drives as well as in the cloud.
All devices should have robust, up to date anti-malware and anti-virus software to help block and notify users of potential attacks before they happen.
All software should be updated when new updates are released as they contain vital security fixes that help to keep devices safe.
Passwords should be changed regularly, and generated using a password generator to make them stronger.
Access to sensitive data should be strictly controlled, with user privileges limited to a select few.
All paper documents should be properly disposed of by using a shredder. So that no information can be obtained from office waste.
Businesses should also consider taking out some form of cyber insurance cover, to protect themselves against any financial or legal fall outs from hacking attacks.
Using virtual private networks (VPNs) can provide protection against data collection by outsiders, by creating a secure encrypted connection between your technology devices and the internet.

The threat of cyber crime is on the rise, and attacks are becoming more and more sophisticated. Small and medium sized businesses need to pay more attention to their cyber security as they are the most vulnerable. While it is not possible to be a 100% protected against malicious attacks, prevention seems better than cure.

Risk Management And How Small Businesses Can Plan For It

Posted on 19th April 201712th March 2021 by Nova Blogger

Risk management refers to the process of of identifying, planning and implementing steps to protect your business from adverse consequences.

The goal of a risk management plan is to identify the common risks associated with your business and to be aware of the situations that cause them. A plan of action that can be monitored and evaluated regularly for its effectiveness, would then be implemented to minimize these risks.

So the first step is to identify the risks related to your business. Every business is subject to two forms of risk, internal risks and external risks. It is often possible to control the many of the internal risks but by and large, the external ones are out of your control.

Internal Risks

Internal risks can be seen as potential weakness within a business and refer to areas such as employees, equipment and finances. For a business owner employee illness, theft and fraud pose an ongoing threat.

Equipment break down and malfunction can mean normal operations are disrupted, resulting in a potential loss of income. Computing systems are constantly exposed to many security and data loss issues.

As far as finances are concerned, one of the main risk is from cash flow. Maintaining healthy cash-flow is crucial for all businesses, so anything that disrupts this can be considered an internal risk. Other internal risk can come from injuries or damages caused by your business which result in litigation and fines.

External Risks

External risk are the threats to a business that can come from the economy, government policies, and the market in which it operates. The state of the economy has an impact on how well your business does, when economic conditions are unfavourable this can have an adverse effect on performance.

The implementation of new government policies also posses potential risk in that the policies may be negative for your business sector going forward. Other potential external risks can come from your competition, and any structural or demographic changes that may take place in your chosen market niche.

Putting Together A Plan

Once the risks have been identified, and ranked based on their level of importance, next comes the step of putting together a comprehensive plan to help manage these risks.

One of the key risk management tools available to all businesses is insurance. It is a good idea for businesses to have a portfolio of insurance policies that are aimed at reducing some of the potential risks identified. These policies can vary from public, product and employer liability to professional indemnity, property insurance and income protection.

Financial Risk Management

For financial risk management there are a few simple strategies that can be used, such as monitoring the movement of cash in and out of the business with bookkeeping software and conducting cash flow forecasts on a regular basis. This will allow small businesses to identify any fluctuations in cash flows and anticipate in advance periods when it might be negative.

Technology

For reducing technology related risks, there should be a reliable data backup and recovery system in place as well as a comprehensive cyber security strategy to protect against any online threats.

Designated Risk Manager

It is important for small businesses to have a designated person who is responsible for dealing with risk management, and they should be given the necessary training and tools to handle this task effectively. They should routinely monitor which strategies are working and which ones aren’t, so as to make sure resources and time aren’t being wasted.

In summary, running a business involves a variety of risks that can’t always be avoided. Having a proper risk management system in place does not guarantee coverage from all risks. However it can help minimise and eliminate many of them, making your business safer and more resilient.

Keeping On Top Of Accounting And Bookkeeping For The Self-Employed

Posted on 17th March 201712th March 2021 by Nova Blogger

As a self employed individual you are responsible for keeping your finances in order. It is a good idea to have a working knowledge of how to do your own accounting and bookkeeping, so that you can comply with all the relevant accounting and financial regulations.

Dealing with business finances can be a challenge, however if you do a bit of planning ahead to make sure you are prepared, then it is not that hard. So here are some useful tips to help simplify the process.

Getting Set-Up:

The first thing to do is to make sure you are registered as self employed with HMRC and if you qualify then register for VAT as well. Next you have to choose an accounting method. The choice is between the traditional method where you record income and expenses by the date you invoiced or were billed, and the cash basis method where you record income and expenses when you receive money or pay a bill.

At all times you must keep your business and personal finances separate. One of the best ways to do so is to have separate bank accounts with separate banks, so there can be no mixing of funds. Set aside a designated time of day to do your regular bookkeeping tasks, so that they don’t build up, causing stress and potential mistakes later on. It can help to schedule this in your diary so that it becomes a habit.

Another helpful tip would be to choose some form of offline or online accounting / bookkeeping software, to help you and save time. There are many available, so do some research to find the best one for your situation and level of understanding.

Day To Day Accounting Operations:

In order to comply with HMRC, you must keep proper and up to date financial records. These records must be kept for at least five years after the relevant return. A large part of your daily accounting duties will involve updating accounting records and filing paperwork.

Start by tracking all daily transactions, making sure to keep track of any income as well as all related business expenses. Deal with invoices, pay any invoices that are due, while sending out invoices to clients and chasing up any late invoices that have not been paid.

Next check your bank statements. Make a habit of checking your bank statement on a monthly basis in order to check for any discrepancies. Keep a cash book to record payments moving in and out of your bank account. Don’t forget to do a daily financial review and budget forecast so as to know where your business stands with regards to cash flow.

Then file all transaction receipts. Keep all receipts for any purchases, chequebook stubs including any bank slips, and invoices. They should all be stored in chronological order for future reference.

Quarterly and Annual Tasks:

If you are VAT registered then you must file a quarterly VAT report with the HMRC, other than that there is your annual self assessment return. Both can be done online at the GOV.UK site.

Using software for your bookkeeping can make it easier to prepare your annual returns when it comes to your due date, because all of the data has already been entered throughout the year. Now it is just a question of printing reports and reviewing them.

The other good thing is there are plenty of resources available from the HMRC to help, however this is an area where you may consider hiring the services of a bookkeeper or accountant if you feel you need it.

Tag: business