This might seem like the business equivalent of making you do your maths homework, or telling you to eat your greens before you can get any pudding, but business insurance really is important and any budding entrepreneur needs to have some in place before they can go off and be entrepreneurial.

Here is a quick and easy guide to a few of the types of business insurance you may need to consider before embarking on your adventure. With policies like AXA business insurance you can get all this protection and more.

Professional indemnity insurance

If you operate a consultancy or another form of company that involves you giving advice, it is a very good idea to investigate professional indemnity insurance. Essentially, indemnity insurance means that you aren’t liable to pay damages if a client’s business suffers as a result of advice you give. None of us are perfect, and mistakes will get made from time to time. Every successful business person makes mistakes – just don’t let yourself get bankrupted because of it.

Employers’ liability insurance

This is more than just a luxury. If you have anyone registered as an employee, whether part time, full time or contracted, employers’ liability insurance is a legal requirement. It even applies to volunteers. You must have a minimum £5 million worth of cover, whether you have one employee or fifty thousand.

What employers’ liability insurance does is to protect you against employees who may wish to claim against you if they suffer injury or illness whilst at work. Some policies gives you a greater level of protection with more days of working cover for temporary staff, automatic cover for working partners, 24 hour legal helpline and the possibility to save when buying online.

Public liability insurance

If you have visitors to your workplace, perhaps a client or an auditor, or if you have cause to visit someone else’s property or premises in the name of your work, then you will need public liability insurance. It will protect you against accidental damage that you or an employee may cause to the premises of another business, or against people who suffer an accident on yours.

As with employers’ liability insurance public liability insurance policies may give you up to £10 million of protection and the chance to save online.

Crucially, you may also get court appearance compensation paid on a per-day basis. Court processes can be incredibly lengthy and taking that much time off work could be of real damage to your business.