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How do I protect my new business?

  • Blog
  • 28 March 2017

Protecting your new business can be a complicated process. You need to ensure that you are financially covered, but you also need to make sure you protect your business’s intellectual property. To help we’ve explained what you need to protect your business.

How do I protect my new business?

What is intellectual property?

For something to be classed as intellectual property, it has to physically exist somehow. An idea about what your brand could be called is a good start for your business, but it isn’t classed as intellectual property until you create something from it.

In the early stages of your business planning, keep things to yourself where possible until you’re able to nail down a definite logo, slogan, brand name, or combination of the three. Once you have that, you can register them as trademarks, securing them from fraudulent use.

However, when it comes to intellectual property, it isn’t quite as simple as filing the trademarks and forgetting about it. If you aren’t vigilant and act as soon as you spot someone misusing your intellectual property, you risk the imitator causing damage to your brands reputation, which in turn can cost you customers and revenue.

The various forms of financial coverage

There are several different forms of financial coverage you need to consider when starting a business. Due to the variety of cover that exists, some may not be applicable to you, but it is still important that you give the topic due diligence in researching what cover you need.

If you have any employees other than yourself or close family, then employee’s liability insurance is a legal requirement. You need to take out a policy worth a minimum of £5 million. This insurance covers you in the instance of any staff making a claim against you if they are injured in the line of work.

Protecting the investments you’ve made into the business is vital in ensuring that you’re able to continue in case of theft or fire damage, for example. So, make sure to take out a sizeable business and contents insurance plan.

If your business uses more than one vehicle, then you will need fleet insurance. Similar to car insurance, but on a wider scale. Fleet insurance can be flexible based on the nature of your business; it can provide haulage insurance to cover the cost of goods you have in transit, for example.

If your business comes into contact with the public –either they come to your premises, or you go to them – you need public liability insurance. This is to cover you if any member of the public is injured or their property is damaged during your line of work. Without this cover, you are personally liable for the costs that can be incurred.

How can FSB help with setting up a new business?

When you set up your own business the protection you have in place to protect not only your brand and products, but also your premises, staff and the public is crucial.

FSB Business Creation can help entrepreneurs looking to run their own business by providing access to services specifically created to help and support new start ups.

These services include access to:

  • Insurance services
  • A dedicated help and advice line
  • Help with company formation
  • Networking support
  • Payment services

To find out more about protecting your business or how you could benefit from FSB Business Creation get in touch with a member of the team or visit our FSB Business Creation page.

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