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Business insurance protects you against financial losses due to property damage, theft or when a compensation claim is made. There are different varieties of cover designed for specific risks, from legal liability and property damage to employee-related issues.
The type of cover you opt for depends on the nature of your business – an online retailer’s insurance needs will differ from a law firm’s, for instance. The cost depends on factors such as how many people you employ and where your business is based.
If you have employees, employers liability insurance is a legal requirement: it protects you if a member of staff brings a claim against your business due to injury or illness.
If something unforeseen occurs, such as a customer injuring themselves on your premises, insurance will protect your business if they claim for any damages.
The right type of insurance policy enables you to continue trading if damage is caused to your property or equipment – it’ll help you cover costs while you get back on your feet.
Comprehensive business insurance will help your business cover any legal costs incurred from employment disputes, statutory license appeals, identity theft and more.
With so many insurance options out there today, it can be hard to know where to start. We’re here to simplify the process of finding the right insurance policy for your business.
Let us know the type of business you run, the sector you operate in and where you’re based, and we’ll match you with deals suited to your circumstances.
Weigh up how much each offer costs and check out the level of protection they offer – as well as any optional add ons you could benefit from.
As soon as you’ve chosen the right deal for your business you can purchase your policy at the click (or tap) of a button.
There are lots of business insurance options out there to cover specific needs, such as specialist tools cover and vehicle insurance. Business liability insurance covers injury, illness and property damage claims. Here are the three main types:
Public liability insurance is designed to protect your business if a member of the public makes a claim against it due to injury or damage to their own property.
Professional indemnity insurance covers you if a client makes a claim against your business for financial losses caused by work you completed for them.
Employers’ liability insurance safeguards your business from work-related illness and if an existing or former employee makes a claim due to injury.
If you have employees, even just one, you must have an employers’ liability insurance policy (unless you run an unincorporated family business). If you don’t, you could be fined £2,500 for every day you’re not insured.
Under the Employers’ Liability (Compulsory Insurance) Act 1969 you need to have protection of at least £5m to cover you if one of your employees is injured or becomes ill due to work.
You’re not legally obliged to take our public liability insurance. However, it’s important to do so if your business interacts with members of the public in any way.
How much you'll have to pay for business insurance really depends on the type of insurance you’re taking out. Some businesses are more expensive to insure than others due to the level of risk associated with the work.
Add ons such as legal expenses and personal accident cover incur an additional cost. pricing will become a lot clearer when you compare business insurance options.
If you’re setting up a business that requires a license (e.g. taxi company or petshop) it’s possible to get insurance for your company without one. The problem is, the insurer might not pay out if you begin trading and need to make an insurance claim.
If your business employs anyone it’ll need to have employers’ liability insurance.
But there are other types of insurance online businesses can benefit from too, such as insurance for stock. Fortunately, tailored online retailer insurance is available for e-commerce companies.
You may also want to consider:
Business interruption insurance - in case you have to stop trading for a while.
IT equipment and laptop cover -to protect your laptop, work phone, and any other IT equipment you use for work.
Stock insurance - to cover the cost of replacing damaged, destroyed or stolen stock.
Tools and equipment insurance - to cover the cost of replacements or repairs if your work tools/equipment are damaged, destroyed, lost or stolen.
Contract works insurance - to cover your construction projects and materials against theft or damage.
Product liability insurance - to protect you if a customer suffers damage due to a faulty product you provide.