Insurance cover

Which of these are apply to me, and how will I comply with them- I must comply with all of the laws that I researched into. The consumer protection act guarding against the selling of faulty goods would be wholesalers responsibility. This is because I would be buying form them. To protect the employee I will make sure that my shop has a good working environment as I would be working there. What dose insurance do? Insurance helps to reduce the risk for a business.

To do this you take out a contract that protects you against a certain risk. To have this cover you must pay certain amount every month, or yearly.

Insurance cover

As results of getting insurance you are given a insurance certificate. If your business suffers damage, or is closed then you receive a cash pay out. What can you cover? Insurance cover can be taken out against any thing. A person who plays football will insure them self agist a injury that could stop them from playing football.

To have this they would have to pay a high premium (this is amount that is paid on a regular date in return for insurance), because there is a high risk. What can not be covered? There are some events that can be covered, they are:

A consequence of your actions, this means if you insure your car you can not then steel to get the insurance Wide spread risk, this is widespread risk which will cause lots of loss like in a war Risk can not be assessed this means where do not know the risk of a business failing Insurance that a business must have! There are only two kinds of insurance that a business must have by law they are: Employers liability- If a business has any employees then it must take out employers liability insurance this covers the employees death, injury, or illness caused by a accident at work because of employer.

Motor vehicle

If you own a motor vehicle then you must have third party insurance, which covers the death and injury of other people in a crash. What other types of insurance are there for business? There are other types of insurance policy’s that business can take out they are: Bad debts When credit is given there is chance that the person who you are giving credit to may be unable to pay you back. To stop you from loosing the money you take out insurance against bad debts. Theft This insures a business against theft from them, this is very important where the stock is worth a large amount of money.

Public liabilities

This insurance is very important, if a customer is injured in shop because it is your fault, or a employees then you have cover from being sued. Fidelity guarantee Gives insurance against your employees stealing or committing fraud against the business. Fire and other risks This is when your insure your business against floods, fire and storms. This is very important where very expensive machines or stock are involved. Frozen food This gives cover against the loss or damage of goods that are frozen due to a power cut.

Professional indemnity

Protects people in professions from being sued if they give bad advice. Product liability Gives cover against any defects in any products that are on the shop premises from causing injury to anyone. Goods in transit Covers goods that are lost, or damaged while being transported. Plate glass This covers very large and expensive shop windows from damage caused by vandalism or accidents Life assurance If a self employed person dies, then the people who rely on him for support get a cash pay out. Loss of profits

If there is a disaster and the business can not open, then you will be covered for the profits that are lost. Personal accident and sickness This pays a certain amount of money to self employed person if they can not work due to illness, or a accident. Permanent health This cover pays a regular amount of money to a sole trader if they are unable to work for a long period of time due to ill health. Money This covers against of money being lost, this includes more then theft and covers all cash, cheques, and valuable documents that are in the business.

Which insurance’s will I get?

The insurance’s that I will have to take out are: motor vehicle and employees liability. The insurance’s that I can choose to take out, and that I will are: Permanent health, as I am a sole trader Theft, as there is a high chance of theft Public liability, as I will customers in my shop Fire and other risks, as I will expensive stock on the site Loss of profits, as I my shop closes then I will need to find a income. The reason that I took out those insurance’s and not others is that those are the ones that apply the most to my business.

For my shop I will have to run I will have to higher staff, there are different types of staff I could higher: Temporary workers- This is where I would higher staff just to complete a certain task. Part time workers- This is where I would hire staff who just work a certain amount of hours are counted as part time. Short term contract- This is where I would higher staff only for a short amount of time, like 6 months then I after the 6 months I can dismiss them, or renew the contract.

Which will I use?

I will use part time staff, as they will be very flexible, also as I will be working in the shop I will only need staff for some of the time. The laws that I have to comply with when hiring are the: 1975 Sex discrimination act 1976 Race relations act 1944 Disabled persons employment act How to advertise, hire, and pay the staff? Which media to use? There are many different media’s that can be for advertising a job. News papers are the most common method of advertising, if you are looking for people to do any job locally then the local paper is best.

If you are looking for a senior manager for a national company then you would use a national paper. There are also jib centres, or advertising in a local shop window. How will I advertise for staff- I will advertise in the local job centre, and the in the window of my shop. This is because in a job centre the advert will be seen by a number of people who want the job. I will also use my shop to advertise so that I can attract a person from the local area. How will I hire my staff? The most common method of hiring staff is by using interviews.

This is where applicants are short listed, and then asked for a interview. After the interview certain applicants are asked back, and the best is selected. How I will Hire? – The method of hiring that is would use is interviews. This is because this is the simplest, and easiest method. A interview would give me some idea of what the person would be like if they worked in my shop. I would then have the applicant for a trail period to see if they were suitable. If they were then I would hire them.