Internet Startup - do I need insurance?

D Hayes

I'm close to launching a website (not the ones in my sig). Payments will be accepted online. It's an online service. No products are sold on the site.

Do I require insurance? I've spoken to some people and Professional Indemnity Insurance has been mentioned.

I've spoken to insurance brokers about it but I'd like to get the unbiased opinion of people here.

Thanks.

HellFireClub

buysellswap wrote: »

I'm close to launching a website (not the ones in my sig). Payments will be accepted online. It's an online service. No products are sold on the site.

Do I require insurance? I've spoken to some people and Professional Indemnity Insurance has been mentioned.

I've spoken to insurance brokers about it but I'd like to get the unbiased opinion of people here.

Thanks.

Are there any business risks that you think you might need insurance against? I personally wouldn't be getting too caught up at all with insurance in general and in particular "Professional Indemnity" insurance in relation to a start up. A business start up is a risky thing and I think there is a certain amount of ducking and diving required when starting up. If you were to dot all the "i"s and cross all the "t"s, you would never get off the ground at all I think.

My advice is that unless you are involved in a profession like medicine, law or accounting, you don't need professional indemnity insurance.

If you feel you have exposure, do up a good set of terms & conditions for your membership that makes users of your site accept no responsibility for certain events should they happen, or not happen, whatever the case may be...

D Hayes

Thanks for the advice. We have solid T&Cs and contracts in place, so maybe they will cover us for the initial start up period. If things take off down the line then maybe we can consider insurance. Cheers.