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What is business insurance?
Business insurance is an umbrella term that comprises a number of different covers you can choose from to provide protection for the different business risks
When you run a business you may need insurance cover to protect your company, its directors and its employees.
What it pays for :
pay out if the business suffers loss
theft or damage.
personal injury claims from a member of public
Not all businesses need every aspect of business insurance cover.
Without insurance cover you might have to foot the bill for both legal fees and compensation costs, which could severely affect or even bankrupt your business.
Having business insurance gives you the peace of mind that you are covered should the worst happen.
How does it work?
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What business insurance do you need?
Depending on the type of work you do, your business insurance requirements will vary. There are three key things to think about when considering what covers you need for your business.
1. Legal requirements:
If your business hires employees you’ll need employers’ liability insurance as this is a legal requirement.
Not being covered may result in a fine of up to £2,500 for each day you didn’t have it.
2. What risks do you face as a business?
If your business involves in-person interaction with clients or even spending time working in areas where non-employees are present, you’ll want to think about public liability insurance
If you work contracts or offer advice, professional indemnity insurance
If you have lots of expensive or difficult to replace contents, business contents insurance is a cover to consider
And if you handle customer data, run a website, and/or work from computer systems (as most businesses do), you’ll want to think about cyber insurance
3. Management liability insurance
If you’re operating a limited company, do your business officers and directors require cover?
It’s sometimes assumed that they’re covered by your general business covers, but claims made personally against them are not. This is where D&O insurance, also known as management liability insurance, comes in.
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Types of business insurance
Not all businesses require the same range of cover. Some insurance is a legal requirement if you have people working for you. Depending on the type of work you do, your business insurance requirements will vary.
They could include:
Employers’ liability insurance
If your business hires employees you’ll need employers’ liability insurance as this is a legal requirement.
Not being covered may result in a fine of up to £2,500 for each day you didn’t have it.
Public liability insurance
This is worth considering if people come to your premises. Or if your business involves in-person interaction with clients.
You may need this insurance cover in case a member of the public is injured.
Professional indemnity insurance
If you provide professional advice, deliver contracts or services, or offer advice you should consider this type of insurance.
You could be sued for giving the wrong advice. This could be costly and damage reputations.
Business contents insurance
In the event that your business contents are damaged or disappear due to: fire, flooding, malicious damage, storm damage or theft, you’ll either be covered for the cost of repairs, or replacement.
Include all necessary equipment - such as computers, laptops and phones, plus technical machinery, documents and even cash.
Cyber insurance
It provides specialist technical, financial and communications support in the event of a cyber breach, plus compensation costs in the event of a regulatory breach.
From ransomware attacks to accidental privacy breaches, the cost to your business can be devastating.
D&O insurance
Directors and officers’ insurance, also known as management liability insurance covers claims made personally against company directors and officers, for fines, penalties and legal expenses.
If you’re looking for funding, investors will typically require you to have this cover.
Key things to remember about business insurance
If you have directors and officers, claims made against them are not covered by general business cover.
If your business hires employees you’ll need employers’ liability insurance, this is a legal requirement
If your business involves in-person interaction, think about public liability insurance
If you work contracts or offer advice, professional indemnity insurance
If you have lots of expensive or difficult to replace contents, business contents insurance is a cover to consider
If you handle customer data, run a website, and/or work from computer systems, think about cyber insurance
Lastly, if you’re operating a limited company, do your business officers and directors require cover?
Getting the insurance that's right for your business
You can buy the cover immediately, or save your business insurance policy quote for 30 days using our search tool.
How do I get a business insurance quote?
Firstly, you need to be clear about the type of business you're running. There are different formats for business – these can be sole trader, partnership or limited company.
When applying for a business insurance quote you'll need:
your registered company or partnership name
the industry and type of work you do
your company’s estimated turnover for the next 12 months
the number of people who work for you
You may need some or all of the different categories. You can customise your cover, adding on policy elements that reflect your current business, and knowing you have the flexibility to add more cover in the future.
Read more: • Business bank account • Business Loans • Business credit cards
Explore related products
Public liability insurance
Public liability insurance, provides cover for legal and compensation costs in relation to a claim made against a business due to injury or property damage inflicted on a non-employee
Employers' liability insurance
Employers’ liability (EL) cover is a legal requirement for any UK business that hires employees, including full-time, part-time, contractors or temporary staff.
Professional indemnity insurance
Professional indemnity insurance, or PI insurance, is designed to protect your businesses if a client loses money because of a mistake you made in your professional services.
Travel insurance
Travel insurance is a form of cover to protect you while you are away on holiday or travelling abroad. it can also provide monetary compensation for other loss or inconveniences you may suffer when your travels don't go to plan.
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