Start-Up to Scale-Up Insurance

Insurance for courageous entrepreneurs and fast growth business

Why Insure A New Business

Elmore started life in 2015 as a founder, a laptop and a dream to build a pioneering insurance firm that would change the world of business insurance.  We understand start-ups as we are one and we recognise the excitement and challenges of getting a business idea off the ground and scaling to global growth.  The journey is a roller-coaster ride, every day full of great wins and terrible setbacks, never quite sure what will happen next, but riding the good with the bad.

Insurance is the main way for businesses to reduce the financial impact of a risk materialising.

Running a business involves a certain amount of risk.  Whether it’s the loss of equipment, risk of liability to a 3rd party or the risk of cyber-crime, all these incidents (and many more) will have a financial impact on a business if they occur.

The insurance industry exists to help companies manage their risks and pay for losses when things go wrong.

Tips For Startup Insurance

Select cover that matches your needs.

A combined policy, covering a suitable range of risks, is usually the best solution.  Policies can be tailored to the requirements of an individual business.

When filling in the proposal form, disclose anything that might be relevant.

Failure to disclose relevant facts might lead the insurer to treat your policy as invalid.

There are several principles to bear in mind when deciding how much cover to buy.

Each type of insurance policy requires different considerations.
It is best to consult with an experienced broker when deciding how much cover to buy for a particular type and class of insurance.

When making a claim, evidence is required.

Insurance is a contract of utmost good faith, insurers rely upon the information provided in the proposal form as the basis of the contract, in the event of a claim.

Not everything, however, is covered by insurance, it is important to Review a businesses risks and existing insurances in place (if any) to ensure the business remains protected and aware of which risks are being retained and those which are transferred to Insurers.

Discover Insurance Solutions For Your Industry

FinTech Insurance
Technology Insurance
InfoSec Insurance
Investment Insurance

Review Your Risks And Buy Insurance Smarter

Operational Risk Review
Cyber Security Review
Insurance Review
Claim Review

Most Business Risk Can Be Insured Against

Whether a particular type of insurance cover is right for a business will depend on it’s assessment of the risks and the activity of the business.  There are several non-compulsory types of business insurance cover to consider.

Start your journey today and Review your Risks and/or get a quotation to Insure your business:

Specialist Insurance Products For Start-Ups To Scale-Ups

Professional Liability Insurance
Management Liability Insurance
Crime Insurance
Cyber Insurance
Transactional Risk Insurance
General Liability Insurance
Credit and Surety Insurance
Office & Property Insurance

The Law Says So!

Insurance for SME’s is often purchased in packages that group together the most common requirements, such as employers’, public, professional and directors liability, cyber and crime, property and contents, and business interruption.  Some advantages to a combined insurance package:

  • Saves time, as you only source and negotiate once for all your insurance needs.
  • Tailored to cover specialist sectors (e.g. technology, financial or media).
  • Other covers can be bolted on to the package to meet specific requirements.

Elmore Start-up to Scale-up Insurance USP’s

  • Access to full market of insurers
  • Cost Conscious – Cost Aware
  • Flexible insurance – Buy when needed
  • Weekly, monthly, quarterly Reviews to monitor change in risk
  • Dedicated team with fast response

Employers Liability

All businesses with one employee or more, is legally obliged purchase Employers’ Liability insurance.

This covers an employer against claims from employees for accidents or sickness they may suffer at work.

3rd Party Motor Liability

All business vehicles used on the road must be insured for third-party liability.

Combined Insurance Package

As soon as a business is incorporated, there is a legal obligations to your employees, to your customers and to the general public. If a business is regulated there may be specific insurances required in line with those regulations. Each country has it’s own specific insurance regulation, in the UK there are two types of compulsory insurance for a business:

Risk Adverse Or Risk Accepting?

Establishing a business can be one of the most rewarding and exciting times for an individual or team, however understanding businesses operational risks and how to manage them is a critical part of every start-up or scaling business.  There are generally two approaches an early stage business will take when considering insurance:

  1. Risk Adverse – Buy regulatory/contractual minimum along with comprehensive suite of other insurances
  2. Risk Accepting – Buy regulatory/contractual minimum and wait for sufficient transaction until purchasing other insurance.

Are You Risk Adverse Or
Risk Accepting? Here Are Some Pointers:

Risk Adverse

Business funded by 3rd party funds
High risk business activity likely of claim
Regulated business
Desire to manage risks in business

Risk Accepting

Self-funded / bootstrapping
Low risk business activity
Unregulated business
Non concerned with risks to the business

Manage and Mitigate Risk

Managing risks is important, it is how to prevent and cope with the effects of a risk materialising into a financial impact to the business.

Risk management involves an assessment of the risks a business faces, followed by the development of ways to either eliminate or control the risks to prevent setbacks from happening.


Keeping Your Data Secure

We take cyber security seriously and are one of the few in the insurance industry to certify with Cyber Essentials. Implementation of Cyber Essentials controls can significantly reduce the risk of prevalent but unskilled cyberattack.