- Uswitch.com>
- Business >
- Compare business insurance
Customisable business insurance
Get personalised cover from £6.22 per month*
What is business insurance?
Business insurance is typically a broad term for a number of different types of policies, designed to cover your company from a range of risks. It can help safeguard your business, employees, customers, and assets by covering the costs associated with unexpected events or legal claims.
The exact protection you get depends on the types and level of cover included in your policy - from damage and theft to liability, cyber security and business interruption. With the right cover in place, business insurance can help minimise disruption and support your recovery if things go wrong.
Having business insurance gives you the peace of mind that you are covered should the worst happen.
How it works
Select Policy Cover
Get personalised quotes in minutes by providing details about the cover you need
Enter your details
Tailor your quote by providing us with about your business
Quote and purchase your policy
View your quote and purchase your chosen policy
What business insurance do you need?
When deciding whether you need business insurance, you should consider the potential impact an uninsured claim could have on your business. Without cover, you could face:
Significant financial strain from legal costs
Compensation claims
Damage to property
All of which could disrupt operations and even force your business to close.
Assessing the risks involved and the protection which insurance offers can help you make a more informed decision.
Business insurance requirements will likely depend on the needs of your company and the type of work you do.
You might also think about the following when choosing business insurance:
Is business insurance a legal requirement?
Business insurance is not usually a legal requirement for every business, although there are some exceptions. Typically, if you hire staff, you are legally obliged to have employers’ liability cover unless you only hire close family members. Not being covered may result in a fine, so if you’re unsure, check your policy.
What risks does my business face?
The potential risks you face will likely determine the types of business insurance you need.
For example, public liability insurance and professional indemnity insurance are designed to cover the risks associated with injuring members of the public and providing contracts or giving advice.
You should also think about risks to your assets like tools and equipment, or even your website and client data. If you identify a risk area, consider a business insurance policy to be on the safe side - it may include business contents cover or cyber insurance.
Is business insurance a professional requirement?
Some professional bodies may require you to have certain policies to be a member, such as professional indemnity (PI) insurance. PI can pay legal fees and compensation awarded to a client if they suffer a financial loss due to errors in your advice, work or services.
Types of business insurance
Not all businesses require the same range of cover. Your business insurance requirements may depend on the type of work you do, whether you have employees and the size and turnover of your business.
The types of cover to consider when building your business insurance covers could include:
Employers’ liability insurance
If your business hires staff then you’re likely to need employers’ liability insurance as this is a legal requirement for most employers. If a company does not have employers' liability insurance, it can be fined at a rate of £2,500 for every day the company has traded without it, or £1,000 if you don’t display the insurance certificate or present it upon inspection.
Public liability insurance
This is worth considering if people come to your premises or if your business involves in-person interaction with clients.
It covers you if a member of the public is injured or even killed as a result of your business activities or their property is damaged.
Professional indemnity insurance
This insurance is a mandatory requirement for solicitors in England and Wales to practice, as it is for certain other professions, including practising accountants.
Tools and Materials insurance
This covers the cost of repairing or replacing work equipment and building supplies. It's primarily designed for those who work in manual trades and covers handheld tools against theft or damage, often including overnight storage in vehicles.
Contract works insurance
A specialist policy that protects developments and building projects from damage, destruction or theft. In the event of mid-project issues it covers material and labour costs to restor the site
Device Cover (Equipment Insurance)
Device Cover (Equipment Insurance) protects portable electronics and tools against theft loss and damage. This can range from personal electronics like phones to expensive business equipment
How do I get a quote for business insurance?
Enter your details
Tell us a bit about your business – such as name, industry and turnover.
Compare covers
See how much different types of insurance would cost you.
Quote and purchase your policy
View your quote and purchase your chosen policy
How to make a claim on your business insurance
To make a claim, all you need to do is log into your online customer account.
Gather all relevant information about the incident that prompted the claim. This may include photographs, videos, witness statements, police reports (if applicable), and any other evidence that supports your claim. Be prepared to provide detailed information about the incident, including the date, time, location, and a description of what happened. You may also need to provide documentation such as receipts, invoices, or estimates for damages.
Once you've submitted the claim, the claims team will get in touch to process your claim. How fast your claim is settled depends on how much your claim is amounting to. Smaller claims can be processed within hours or days. Larger claims could take longer.
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) is a legal requirement for UK businesses that hire employees, including full-time, part-time, contract or temporary staff. Exceptions include firms that only employ immediate family members or use bona fide sub-contractors.
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.
Get a business insurance quote
***Individual cover purchased online is offered on a standardised, non-advised basis and is not bespoke. Terms, conditions and coverage limits are predetermined by the Underwriter. If you require bespoke coverage offered on an advised basis, please contact our in-house broking team.
Tide is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 under firm reference number 900843 for the issuing of electronic money and the provision of payment initiation services and account information services under the Payment Services Regulations 2017. Tide is also authorised and regulated by the Financial Conduct Authority in relation to its credit and insurance broking activities (firm reference 718743). Tide is incorporated and registered in England and Wales with company number 09595646 and registered office at 4th Floor The Featherstone Building, 66 City Road, London, EC1Y 2AL.