Business insurance
Tailored quotes from a range of insurers - get your business protected with Simply Business[1]
Coronavirus and business insurance
We’re sorry, but you can’t compare quotes with cover for business interruption right now because of Coronavirus. You can still get business insurance though, with a range of cover options.
Find more information about your finances, insurance and Coronavirus >
What’s business insurance?
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:
- Injury or property damage caused by your business
- Damage or theft of business property and equipment
- Sickness or injury of your staff in the workplace
- Business interruption
- Damages costs for third parties caused by your work
Three main types of business insurance
Combined business insurance policies give your company the best protection against unforeseen events, but the cover you need depends on your setup
-
Public liability
Covers you in case a member of the public is injured, or their property’s damaged, because of your business activity
-
Professional indemnity (PI)
PI insurance helps cover the cost of potential legal action if you offer professional advice and expertise to other businesses or clients
-
Employer’s liability
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
Is business insurance a legal requirement?
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.
71,062 workplace injuries were reported in 2017/18*
Protect you and your employees with the right business insurance
According to Health and Safety Executive statistics
Other types of business insurance
There are a few different types of business insurance, so you’ll need to choose the right cover for your company
Business interruption insurance
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
Cyber-risk insurance can help to protect your business if your data is breached or you’re hit by an email scam.
Business premises insurance
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.
Business assets insurance
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.
Credit risk insurance
This can cover you for any losses if a customer becomes insolvent or refuses to pay their debt to you.
Key man insurance
Key man insurance will cover you for a loss of income if one of your most valuable employees dies or becomes critically ill.
How to get business insurance
We only need a few details to get you a tailored business insurance quote to make sure you’re properly covered
-
Tell us about your business
Things like your address and what type of company you are
-
Your employees
Who you’ve got on your books
-
Your level of cover
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
-
Where you trade
Whether you have customers outside the UK
-
Claims and legal disputes
Whether you’ve made any previous claims or have any ongoing legal disputes
How much is business insurance?
Your company’s size and the kind a work you do affect the cost of your business insurance and the level of cover you need. You can choose between combined business insurance or independent liability cover and buy extra cover.
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:
- Your location
- Previous claims
- Type of work you do
- Size of your business
- How much cover you need
- How long you’ve been in business
You can also choose extra cover which will have an effect on the price, things like personal accident cover.
Frequently asked questions
-
Do I need business insurance for an online 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.
-
Can I get business insurance without a trade licence?
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.
-
Can I cover my tools, business equipment and stock?
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.
-
Do I need business insurance if I'm self-employed?
It depends on the type of business you're running, and whether or not you've got employees too.
You might be legally required to have employer's liability insurance, at the least.
Lots of smaller businesses and sole-traders take out public liabilty insurance to help protect their busines from financial loss - particularly if they have customers visting them, or work on other people's property.
You can find out more in our self-employed business insurance guide.
Related guides and topics
[1]Gocompare.com introduces customers to Simply Business which is authorised and regulated by the Financial Conduct Authority. Gocompare.com's relationship with Simply Business is limited to that of a business partnership, no common ownership or control rights exist between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites