Monthly Archives: August 2021

Hot Business News Today

Does a company need insurance for one employee but two directors?

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By Ben Rose on Small Business – Advice and Ideas for UK Small Businesses and SMEs
The types of insurance that your business needs depends on various different factors – and extends beyond simply the amount of employees you have.
However, what we are talking about here is employers’ liability insurance, specifically: under what circumstances do you need it? Well, there are a few things you need to know.
What does it cover me for?
Employers’ liability covers the legal or compensation costs if an employee were to suffer work-related injury or illness or if they file a claim against you. 
Arrange your business insurance in minutes, by getting a quote and buying your policy online with our insurance partner Hiscox
When do I need employers’ liability?
Employers’ liability is compulsory by law if you have supervision over anyone in the workplace. So, the question then becomes what counts as ‘supervision’? When you first hire a member of staff, this would certainly mean you need to be covered. However, it can be a little more complicated when it comes to freelancing. For instance, if you take on a contractor and they go away to do the job independently, then you probably don’t need employers’ liability. Whereas, if

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Hot Business News Today

How to get a business loan in 5 steps

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Running a successful small business requires healthy cash flow, sustainable growth, adaptability, and forward-planning. Naturally this may mean you require an extra injection of cash from time to time.
Business loans are one of the most common sources of finance for SMEs and with the growth in alternative finance providers, such as Capify, over the past decade, there are now loans designed to cover the specific needs of almost every organisation, no matter what shape or size.
Whether you want to hire more staff, ease cash flow issues, renovate your premises or even invest in new equipment, a business loan may be the right option for you. But where do you start?
In this guide we share our top tips and the steps you should take to get the type of small business loan you really need. These include:

Creating a business plan
How to research available lenders
Determining your chances of getting approved
Making sure you have all the necessary documents
Reviewing the proposed loan carefully

But first, let’s look a bit further into small business loans and the things that business owners looking for finance need to be aware of.
What is a

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Hot Business News Today

Sole traders hit hardest by Covid pandemic – research

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs

EXCLUSIVE: Sole traders may have been disproportionately impacted by Covid restrictions with 58 per cent are either not trading or trading less than pre-Covid.

What’s more, sole traders – who account for 59 per cent of all UK businesses – are twice as likely not to be trading at all, with 14 per cent in this predicament compared with 7 per cent of limited companies.

Almost half of sole traders (46 per cent) worry they won’t be able to afford paying themselves a salary in the next six months, according to research by small business lender iwoca.

>See also: Nearly 300,000 sole traders face increased tax bills

Their second-biggest worry is being able to afford new stock (28 per cent) and then repaying emergency Covid-19 financial help such as a Bounce Back Loan (20 per cent).

And nearly one in four sole traders will take zero days off in the coming year as they struggle to keep their businesses afloat. Even the majority of sole traders – 59 per cent – plan to take fewer than 10 days off over the next year (compared to 50 per cent of limited

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