Business insurance covers your company for financial losses in case anything goes wrong because of your business activities.
It can help towards the cost of compensation claims and legal fees, as well as damage to your property or employee-related issues.
It’s usually tailored to your industry or specialism too.
Protect your business against:
Combined business insurance policies give your company the best protection against unforeseen events, but the cover you need depends on your setup
Covers you in case a member of the public is injured, or their property’s damaged, because of your business activity
PI insurance helps cover the cost of potential legal action if you offer professional advice and expertise to other businesses or clients
Cover for compensation claims and legal fees if a staff member falls ill or suffers a work-related injury. It’s a legal requirement in the UK even if you only have one staff member
This will depend on the type of business you’re running, whether you have employees and your business's exposure to the public. Make sure you understand what type of business insurance you need, how much cover you’ll need and read your policy documents carefully for any exclusions or limitations. You can find out more in our business insurance guides.
Legally speaking, you only need to have employer’s liability insurance to operate as a business. And that’s only if you have one or more employees, so sole traders can operate legally without it.
But that doesn’t mean you shouldn’t get business insurance. Having the right cover will protect your business, staff, clients and the general public from damage and losses.
You don’t want to have to cease trading because of a catastrophe that means you can’t afford to carry on - check out your options and take out appropriate cover.
There are a few different types of business insurance, so you’ll need to choose the right cover for your company
Helps to cover your loss of income if you need to temporarily stop trading, due to an unexpected incident.
This might be something like a fire, flood or break-in that puts your business premises out of action.
Cyber-risk insurance can help to protect your business if your data is breached or you’re hit by an email scam.
Otherwise known as commercial property insurance, this will cover for rebuilding or repairing your premises if it’s damaged by something a fire, flood, burst pipe or vandalism.
This is also called business contents insurance and it’ll cover you for the things you keep in your workplace - for instance, any equipment you use, furniture or tools.
This can cover you for any losses if a customer becomes insolvent or refuses to pay their debt to you.
Key man insurance will cover you for a loss of income if one of your most valuable employees dies or becomes critically ill.
We only need a few details to get you a tailored business insurance quote to make sure you’re properly covered
Things like your address and what type of company you are
Who you’ve got on your books
What type of things you want to be covered for – you can add contents and stock cover, employers’ liability and legal expenses, as well as choose the amount of cover for public liability insurance
Whether you have customers outside the UK
Whether you’ve made any previous claims or have any ongoing legal disputes
This will depend on the size of business you run and the work you carry out. There are also other factors that affect the cost of your business insurance, like the level and amount of cover you need to take out.
You can also choose to have policy add-ons, such as personal accident cover, which will affect the price.
Every business is different, and there are lots of factors that go into calculating the cost of your insurance. Broadly speaking, a business insurance provider will look at:
Business insurance consists of add-ons you choose, according to the type of business you run and the cover you need. For example, a catering business might want to consider public liability insurance, and add deterioration of stock cover. Whereas a plumber might require, public liability cover with tool cover added.
Our partners, Simply Business, customise your quotes to show you the most relevant policies depending on the answers you’ve provided.
Compare business insurance quotes to get the right cover for your business.
It’s not a legal requirement but having cover in place can protect you if a client doesn’t pay out or any of your stock is damaged. Cyber-risk insurance can also help you out if you’re the victim of malware and cyber attack.
You can get business insurance without a trade licence but you’ll need to make sure it’s valid once you start trading, if that’s a condition of your policy.
Some business contents policies cover tools, equipment and stock, so make sure that the cover you buy is right for your needs. Think about your business requirements, the value of your equipment or stock and whether you might need new-for-old cover in the event of items getting damaged, lost or stolen.
Depending on the type of business you have, certain business insurance policies may be required by law, like employers liability insurance.
Many small businesses also take out public liability insurance, especially if customers visit your premises or you work on theirs. You can find out more in our self-employed business insurance guide.