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What Insurance do you need for a small business?

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 business van insurance?

Do you own a van for business or commercial use? If so, ensuring that it is fully covered with the correct type of insurance is essential. Below is everything you need to know about business van insurance.

How does van insurance differ from regular car insurance?

Van insurance, as the name suggests, is specific to vans and covers the policyholder should the van be stolen, damaged or vandalized.

You would need van insurance if you use it for your sole trader business or it is used as part of a business.

Van insurance policies are tailor-made to vans and you will need this kind of insurance, even if your van is not used and remains locked away and idle for short periods of time.

Should you only use your van for personal use, a regular van insurance policy will suffice.

What does business van insurance cover?

Business van insurance is divided into 3 classes (1, 2 and 3). In addition, there is also commercial van insurance.

Class 1 business van insurance covers you for van driving between sites for work purposes. It doesn’t include cover for door-to-door sales and is the most inexpensive kind of van insurance.

If you wish to add a named driver to your business van insurance policy, class 2 insurance could be a good option for you. It is very similar to class 1 insurance, with the only difference being the addition of a named driver.

Class 3 business van insurance is perfect for long-distance van driving and also covers you for door-to-door sales (delivery of samples only).

Businesses who use their vans for the delivery of sold goods would require commercial van insurance. You would need to specify the nature of the goods you carry in your van and your policy would then cover you for the transport of these goods only.

Unfortunately, commercial van insurance doesn’t cover you for work out of the scope of your insurance policy (ie. helping a friend move house or using it for a second job).

If you have decided that you need commercial van insurance, you will have to select one of 3 classifications:

Transport of goods for hire and reward: this is ideal for courier companies and delivery drivers who carry other companies’ goods for monetary reward
Haulage: a good option for long-distance van driving and deliveries
Transport of your own goods: for those who carry business goods in their vans (such as tools and materials for the work they provide)

What will my van insurance cover?

Van insurance is similar to car insurance in that there are 3 insurance levels to choose from (ie. fully comprehensive, third party, fire and theft and third party only).

The level of insurance you choose from will depend on your specific needs and how high you deem your risk to be.

You can also pay a nominal monthly fee for some added extras including breakdown cover, public liability cover, legal cover, replacement van coverage, tool cover, employers’ liability cover and foreign use cover.

What kinds of vans does business van insurance cover?
You can insure your van for business use if it is a double or single cab van, a light van, a tipper, a pick-up or a Box Luton van.

How expensive is business van insurance?

The monthly premium you pay for your business van insurance will depend on various factors.

The 3 main elements affecting your insurance premium will be the state of your van (how old it is, its engine size and value), your driving profile (a clean driving record will drive the premium down) and your personal profile (such as your age, where you live and occupation).

What business insurance do i need?

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.

Tips To Become More Productive When You’re Self Employed

 

If you are self-employed being more productive has many benefits to offer. To begin with, you will be able to get more done at the same time, with the same resources and in some cases fewer resources. So let’s have a look at what productivity is and some of the ways you can become more productive when you work for your self.

 

What Is Productivity?

It is a measure of how efficient a person is at getting work done within a given period of time.

Usually, it refers to the amount of work produced per hour or per member of staff in a given time period. For the majority of businesses, productivity is usually measured either by profits generated or by some combination of tasks completed and time spent.

 

What Things Cause It To Fall?

Some of the causes of low productivity are distractions such as emails, using social media and phone calls. Another one is not being organised, or having a system for keeping things in order. Finally, multi-tasking has been shown to cause mental blocks due to the constant changing of tasks. It is better to concentrate on one thing at a time till it is completed, before moving on to the next task.

 

What Can You Do To Improve It?

It can be improved by making use of technology:

Tech can be used to do the heavy lifting so that you are free to concentrate on important tasks. It can help you automate your day to day admin such as handling emails, letters, and phone calls.

Also, important but time-consuming tasks such as bookkeeping and accounting can be sped up by using software. Your whole daily routine can also be optimised using software. There are lots of productivity tools available, that can help you become more productive.

 

It can be improved by taking care of yourself:

Getting plenty of sleep is a must. A good nights sleep helps you regenerate from the prior day and you wake up feeling refreshed and ready for the challenges of the day ahead.

Eat a healthy balanced diet, gives your body the fuel it needs for the day and the raw materials it needs to keep your body healthy.

Don’t forget to get some regular exercise so as to help reduce the stresses of the day, and improve your general stress tolerance.

Try to take lots of small breaks. If you can, split your work day into 90-minute blocks, with small breaks in between them, as this has been shown to improve concentration.

 

It can be improved by setting daily goals:

Set aside a small amount of time at the beginning of the day to plan your day out and set some goals. Make a checklist of the things you have to do today in order of importance, and tackle the highest priority items first. At the end of the day check off what you have done. Make sure you concentrate only on the things on the checklist during the day, as this will keep you focused on your goals.

 

It can be improved by outsourcing:

Outsourcing tasks that take up a lot of time, or tasks you are not good at doing, will free up your time and reduce your stress levels. You can use this extra time to focus on more important areas of your business.

For someone who is self-employed, becoming more productive is a combination of doing more of the things that make you more productive, while at the same time doing less of those things that reduce your productivity.

By making a few changes to the way you work, it is possible to become more productive, and while they might seem strange at first, they can help you increase your productivity.

 

How YouTube Can Help Your Business

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.

 

 

Should A Tradesman Hire An Apprentice?

Traditionally apprenticeships were the norm for hiring tradesmen. Currently, many tradesmen choose to hire an apprentice as a way to fill the skills gap that exists in the construction industry. Also, there are more and more people choosing to become apprentices in a particular trade instead of going to university.

Here’s a quick look at what it entails, and why many businesses are also choosing to take this route.

 

What Is It?

An apprenticeship is a government created work and study programme to help employers get skilled staff. It allows participants the opportunity to gain a recognized qualification and relevant work experience while earning a salary. They can be either a new or current employee but they must be over the age of 16.

There are currently 4 types of apprenticeships available. There is the intermediate level, then the Advanced level, then the higher level, and finally the degree level. Apprenticeship can last between 1 and 5 years depending on the level of qualification.

 

What Are The Pros and Cons?

As with any business decision, hiring an apprentice as a tradesman has both advantages and disadvantages, here’s a quick look at a few of them.

 

Pros

  • They are hard working and productive.

  • They tend to be long-term employees. You have a motivated and dedicated employee that has decided to take this specific route, which will mean they are less likely to leave.

  • Hiring apprentices can be a cheaper and lower risk way of hiring staff.

  • The government offers plenty of support, both financial and nonfinancial

  • You can train them the specific way you require.

  • It allows you to build a workforce with industry-relevant skills and qualifications at a lower cost than usual.

  • You are giving someone an opportunity.

 

Cons

  • It can be time-consuming. Due to their lack of experience, they often require close mentorship throughout the whole process.

  • You must commit to it for a minimum of 1 year, but depending on the level it can be up to 5 years.

  • There is both an initial cost and an ongoing one for taking on an apprentice.

  • There is the risk of them not liking the programme and deciding to drop out before the allotted time period.

 

How Do You Do It?

Before you hire an apprentice your business must be sure that your business is in a good position to take on another member of staff. It can be a good idea to seek both financial and legal advice to make sure you’re ready.

Once you know you are ready to hire an apprentice, then here are a few of the steps to take:

 

First of all, you need to choose the right apprenticeship framework for your industry and the type of apprenticeship. Then you need to find an organization that offers training to your chosen frameworks standard.

 

Next, you should check what government funding is available to help towards the cost of training and assessing the apprentice. Once this is done you can then advertise your apprenticeship. Then select your chosen candidate, get them to sign the necessary agreements and then they can begin.

If you don’t want to run the apprenticeship scheme, there is the option of using an apprenticeship training agency to do it for you.

 

For the majority of tradesmen taking on an apprentice turns out to be a good decision. However, it is important that it is done at the right time because your business has to be ready to handle the commitments that come with it. It is a good idea is to ask other tradesmen that have already hired an apprentice for feedback about it before doing it.

 

How Tradesmen Can Keep Safe and Warm During Winter

 

Now that we have said goodbye to autumn and winter has started. The days can be bitterly cold and windy, with an added problem of rain, snow or ice. Working outside during winter is extremely challenging, so it is important to put measures in place that will ensure you stay safe and warm during this period. This way you can continue to be productive at work despite the many challenges that winter weather brings.

Here are 3 tips to help you stay safe and warm during the winter months:

 

Invest In Some Specialist Winter Work Wear

To avoid conditions such as frostbite or hypothermia, it is essential that you invest in some specialist winter work wear. The best option to keep warm is to go for 3 loose-fitting layers rather than one or two bulky items. The loose layers help retain heat better and if you get too hot, you can take off some layers to stay comfortable. Your clothes should be both waterproof and thermal, for the first layer try to find fabric that wicks away sweat from your skin and dries quickly, avoid fabrics like cotton and look for wool or synthetic based clothing instead.

Good old fashion long Johns can be a tradesman’s best friend in the winter, so invest in some. Proper gloves are very important as you will often be handling very cold equipment and materials, such as metal. Your gloves should be light enough to allow you to work, but should still offer excellent protection from the elements. About 30- 50% of body heat is lost via the head, so don’t forget your hat. Find a thermal liner for your hard hat, including a balaclava and scarf for your face and neck.

The weather can lead to some hazardous conditions on site, making it easier to slip and fall. Having the right footwear for winter weather can go a long way in preventing such accidents, so too will a bit of extra care when walking around on site.

 

Eat A Healthy Diet

More than ever it is important to eat a healthy diet, with plenty of fresh fruits and vegetables during the winter months, so as to provide you with the nutrients your body needs to boost your immune system and so protect you from catching a cold or worse, the flu. Make sure to invest in a Thermos flask, so you can always have a hot slightly sweet drink with you such as tea or hot chocolate to warm up your system. It is important to stay hydrated as the cold weather can dehydrate you quickly, so too can alcohol and caffeine.

 

Take Frequent Breaks From Working Outside

Take frequent breaks from working outside to go indoors so you can warm up and dry off. Learn to be vigilant for the signs of hypothermia, such as uncontrollable shivering and slurred speech, and if you or any of your colleagues have these symptoms, get help immediately. If at all possible, try to do outdoor work during the day when it is light, and indoor work in the mornings and evenings when there isn’t much light outdoors.

Since there is little you can do to control the weather, if you have to work outdoors in winter, the only option is to be adequately prepared.

 

By following a few simple steps, you can stay safe and warm while on site throughout the winter period. On days when the weather is really bad, just take a break, it is better to be safe than sorry. Use the time to work on other areas of your business, such as your marketing, finance or any administrative tasks you have been putting off doing.

 

 

What Are The Benefits Of Having A Website For Your Trade?

Nearly 50% of all small businesses in the UK don’t have a website. Many claim websites are either not relevant to their business or they are too expensive for their budget. Also many say they lack the technical know how to develop a site by themselves. There is a general lack of understanding about the impact that having an online presence can have on your business.

Here’s a quick look at some of the benefits of having a site for your trade business.

 

Creates A Professional Image:

With a site potential customers can find out about the services you offer in an instant, and they can get an idea of what your business is like. By having a site that ranks in the search engines, customers get the impression that your business is a serious one that can be trusted.

They can see photo’s or videos of your prior work, as well as any reviews from past customers about their experiences using your business. This all goes a long way in helping them decide if you are right for them. Your website also improves your brands credibility, by demonstrating that you have the resources and the competence to keep your business up to date with the times.

 

Generates Business Leads:

A website can be another great source of new business leads, in addition to what you are currently doing. It increases your visibility, allowing you to reach potential clients in a wider geographical area than your own local region.

Also, by employing simple digital marketing strategies such as search engine optimisation, you can increase your website rankings in search engines. This can lead to increased traffic to your site, which can translate into new opportunities.

 

Gives Constant Exposure To Potential Customers:

No 9-5 office hours. You have a presence online, 24 hours of the day, 7 days of the week, as long as your website is up. This means potential clients can visit your site at any-time of the day to see what your brand is about, and contact you there and then. In effect your business is always open, and it is always easy to get into contact with.

 

Good Investment:

Having a website gives you great bang for the buck. For a relatively small sum, or in some cases for free, you can set up some form of a website to advertise your trade business. Getting just one customer from your site can often payback the cost of setting it up.

Compared to other forms of advertising, a site can offer a high return on your advertising investment. Added to this is the fact that you can get a lot of targeted exposure to your potential audience for little or no money.

 

A Useful Tool For Market Research:

Having a website is a great way to get lots of market research about your target market. When people come to your site and are interested, they ask questions or leave comments, and so over time you get to know what potential customers want. Also there is plenty of useful information that you can get from analysing the data that is generated from visitors coming to your site. This can lead to discovering profitable new services you can offer.

In order to be found in the current digital age, tradesmen need to have a website, even if they only intend to operate locally. Nowadays when people are looking for trade services they go online to a search engine such as Google, and simply type in the service they are looking for.

 

Gone are the days of looking through your local papers or the yellow pages, with smart phone usage at an all time high, it is now all about the net. If your trade business is not on there, then you could be loosing potential customers to your competition.

 

 

How Can Tradesmen Keep Their Tools Safer?

Tool theft in the UK has been on the increase in the last year, with a value of approximately £30,000,000 in equipment stolen. Thieves have become more sophisticated, stealing anything from a few tools to a whole van. Many of the tools are usually stolen from construction sites, equipment lock ups and tradesmen’s vans.

Apart form trade skills and experience, tools are one of the most important asset a tradesman owns. To begin with they cost a lot to buy, and without them a tradesman can’t earn any income. Replacing them can be very expensive so keeping them safe is a must. Even if you are in a position financially to replace stolen tools, the time taken to do so is inconvenient and may result in loss of income. So here are a few ideas to help protect your tools from theft.

 

Van:

Most of the time your tools will be in your van, so the first step is to make your van secure. You can increase your vans security by investing in additional safety locks to make it harder for potential thieves – these can range from deadlocks to slam-locks to plate locks.

It also goes without saying that the van should be fitted with an immobiliser if it does not come with one installed. Make sure you have a fully functional alarm installed, preferably one that is wireless, and remember to install a small CCTV camera in the van to keep watch.

 

On Site:

When you are on-site, try to make sure that you keep your van parked in a busy area. Only take out the tools you need for a particular task, keeping the rest of your tools in your van. If you have to store tools on site, make sure they are kept in a secure toolbox and placed in a safe designated place.

 

At Home:

Don’t leave your tools in your van overnight, because they will be vulnerable. Try to take them out when you arrive home and put them in a secure place till you need them. If you have to leave them in the van overnight, then make sure they are locked up in a secure tool storage box and kept out of sight.

Place a warning sticker on the van to deter potential thieves that says “no tools stored in van overnight”. You can also cover all the van windows so no one can see what’s inside the van. Be sure to check that all your van doors and windows are locked before you leave it, and try to keep it parked in a secured garage overnight. If that’s not possible, then make sure it is parked in a well lit busy area.

 

Other Ways To Protect Your Tools & Equipment From Tool Theft:

There are a few other things that can be done to protect your tools and equipment. First of all, mark all your tools with a UV pen or have them engraved. This can help in two ways, by serving as a deterrent, and by helping to identify any tools. Another way is to put a list of all your tools on a national valuables and property register, and also mark them as registered.

Finally take out motor insurance to cover your van, and tool insurance to cover your tools. Get to know the terms of your policies, so that you know you are storing your van and tools in line with what is expected. Keep an inventory list of all your tools including photos, and receipts, in case you need to make a claim.

 

By becoming a bit more proactive, you can take steps to reduce the chances of your equipment getting stolen. Many of thefts are opportunistic, in that they tend to go for the easy targets, so any thing you can do to make your tools less attractive to thieves will help keep them safer.

 

 

How and Why Networking Can Help Your Business Grow

 

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.

 

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