This is easier for established SMEs rather than startups, but smaller, fledgling enterprises need to look at this stuff very early on if their business is to have any future at all.Take insurance for example. It’s not everyone’s favourite outlay, but it’s vitally important for every business, and especially for one-man-bands taking their first steps into the world of entrepreneurialism. In some industries certain insurances are mandatory, but it’s the one’s that aren’t compulsory that can catch a business out. According to some recent YouGov research, some four million British people have seen their property damaged or a member of their household injured by the work of a self-employed person like a cleaner, decorator or babysitter. The study says the majority of Brits think personal liability insurance is important for workers in their home, but most fail to check if the people they hire have the insurance to pay out if things go wrong. The company behind the research, Zego, reckons nearly a fifth of people that undertake work in people’s homes, including full-time tradespeople, are working without insurance. This is a dangerous game to play. They’re putting themselves, their livelihoods and, of course the property and possessions at risk. I applaud anyone who wants to go it alone and become a paid up member of Britain’s entrepreneurial class, but they won’t do themselves or anyone else any favours if they try and cut corners. I was always told if a job’s worth doing, it’s worth doing properly. That doesn’t just count for what a business does, but how it does business too.
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