The global economic crisis has seen more and more people losing jobs as companies try to cut losses. Many of those who’ve lost their jobs are people who are unemployable elsewhere or have decided they’ve had enough and want to be on their own.

However, starting a small business isn’t just a matter of renting space and opening up the business. There are a host of licences and permits to be obtained before the small business can get started. Some kinds of insurance cover are compulsory before a business can even get started. However, not all small business entrepreneurs know what is required by law and what, while not compulsory, are essential to continue running a business safely.

The host of insurance cover that is available for small business entrepreneurs can be quite confusing. Depending on the type of business, there’s need for professionals insurance, tradesmen insurance, van insurance, working from home insurance, shop insurance, health insurance, hotel insurance, office insurance, pub insurance, restaurant insurance, surgeries insurance, the list goes on.

When it comes to insurance needs, all businesses have certain needs that can be catered to by specific personnel. However, in the case of small businesses, many of which are “one-man shows”, the business owners either lack the knowledge or the time to attend to critical business insurance needs. This has opened up an opportunity for careers in small business insurance. Here are some career options available in the field of small business insurance:

Actuaries: While insurance does provide cover for an eventuality, what are the chances of an unwelcome event actually happening? An actuary will use varied data to calculate the probability of an event happening and suggest at what rates premiums should be levied by companies providing small businesses with insurance. Since actuaries play a crucial role, at senior management level, in insurance companies, they are usually compensated quite well: starting salaries being around £25,000 per year. To qualify as an actuary, you would need to study and pass professional examinations conducted either by the Faculty of Actuaries (Scotland) or the Institute of Actuaries (the rest of the UK).

Brokers: An insurance broker is the middleman between the small business entrepreneur and the insurance company. His/her job is to advise the buyer on the best insurance products available so that the buyer could manage or reduce potential risks. The broker also helps put the cover in place. Because the majority of small business owners have neither the time nor the awareness of what their businesses need, an insurance broker’s services is very much in demand. A freelance insurance broker could make up to £40,000 per year. Someone employed by an brokerage firm could make more than that, inclusive of bonuses, etc. A certificate from the Institute of Insurance Brokers’ or any other similar institution would be an asset.

Claims Handlers: Insurance does not prevent an event from happening, it covers loss arising from such an event. Sometimes events do happen though, in which case the policyholder is entitled to make a claim from the insurance company that had sold him/her the policy. Insurance claims handlers have the responsibility of investigating events and paying out claims. Since incidents of fraudulent claims are not unusual, the claims handler has to ensure the claims are legitimate. He/she has to co-ordinate the work of services providers [such as mechanics or contractors] so that the insured’s loss is minimised. Starting salaries may average £15,000 per year but many claims handlers make around £50,000 per annum.

Risk analysts: Most insurance companies need risk analysts to help them assess the potential risk involved in offering a particular cover to a buyer. Risk analysts look into potential risks like fire, burglary, health and safety, public liability, etc., risks that small businesses are more vulnerable to. A certificate from an institute like the Chartered Insurance Institute would be helpful in obtaining such a posting in an insurance firm. As a risk analyst, you could make around £25,000 per annum.

To sum up: The options listed above are some of the career opportunities available in the small business insurance sector as well as with general insurance companies. The needs of small business entrepreneurs are varied, so there are further options available to pursue a career in this field.