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What is business insurance?
Business insurance policies protect your business against any loses suffered. There are various business insurance policies for you to choose from, and different businesses will require or benefit from having different insurance policies.
From employers liability, professional indemnity, and public liability, to industry specific policies such as fleet insurance and health & beauty insurance - we can help you find the policies your business needs for peace of mind.
Do I need business insurance?
This depends on the type of business you operate. However, there are some legal requirements when it comes to business insurance. Below are 3 examples of where you need insurance.
- If you employ staff, having employers liability insurance is a legal requirement
- If your business interacts with the public (on your premises or theirs), you need public liability insurance
- If you have regulatory bodies that you operate under, you may need professional indemnity insurance
Besides the above examples, you may need other insurance policies depending on your business and potential risks you face. If you use devices connected to the internet, cyber insurance could be useful in case you suffer a cyber attack.
Having the right insurance policies in place can give you peace of mind. Speak to one of our insurance brokers today to protect your business.
What happens if I don't have business insurance?
As a business owner, it is important that any outgoings are essential to the health and success of your business.
Would you want your business to be protected should a mistake, workplace accident, or theft/damage occurred?
Without the proper business insurance in place, the large unexpected costs and legal fees involved can cause problems for your business which could have been avoided.
Our Business Insurance Experts
It is important to ensure your business is protected through insurance should the worst happen. Whether you're searching for employer's liability insurance or cover specific to your business, such as fleet and haulage insurance, or health and beauty insurance - we have an insurance expert for your business.
View our full list of insurance experts here.
This depends on the type of cover you're looking for, how much excess you're willing to pay (if a claim arises) and the size and nature of your business.
When looking for business insurance, it is worth taking into consideration a few points.
- Profession / industry
- Your turnover (annually)
- Your premises footfall (the number of people that walk past your premises on a regular basis)
- Number of employees
Each business insurance policy varies in price significantly. This is due to each business being different and having different insurance needs.
As each policy is different for each business - as every business is different and has different requirements - it is very important you compare insurance prices.
By speaking to an insurance broker, you can compare the market to get the best deal for your business insurance.
Your business won't have to make compromises to reduce costs and you can rest assured you've found the best deal possible.
Employers liability insurance is a legal requirement for businesses with employees. If you have employees, you need employers liability insurance.
Employers liability insurance protects your employees and your business against the cost of claims for compensation. An employee could make a claim against your business due to illness or an injury that has happened to them by working at your company.
If your business has employees, but doesn't have employers liability insurance, you may be breaking the law. Enquire now to protect your business and employees now.
Public liability insurance is needed if your business deals with the public, this includes both on or off your premises.
You are not legally required to have public liability insurance, but some businesses will still need it, such as shopkeepers, hairdressers, tradesmen, and other similar businesses.
Public liability insurance protects your business from legal costs and compensation claims made against your business. This covers property damage to a third party and bodily injury.
This is not a legal requirement for all businesses. However, some businesses need professional indemnity insurance if they offer advice, services, or designs to others.
Examples of businesses that may need professional indemnity insurance are accountants, solicitors, architects, and other similar professions. Professional indemnity insurance is one of the most important policies for freelances and the self-employed to have.
Professional indemnity insurance protects you if a client makes a claim against the advice, service or design received from you - if it has caused the client a loss in revenue or reputation damage.
Does your business use devices connected to the internet? Does it use, send or store electronic data?
Cyber insurance protects your business should any data (of the business, or sensitive customer information) is breached, ransomware attack or another form of cyber attack.
Cyber insurance will help your business to cover the cost of the recovery.
Does your business have 2 or more vehicles?
Fleet insurance protects all vehicles in a fleet. Typically, fleet insurance can be cheaper than insuring each vehicle separately. You could save hundreds, or even thousands of pounds on a bespoke fleet insurance policy.
Eligible vehicles can include a fleet of cars, vans, lorries, HGV's, buses and plant vehicles (cranes, excavators, etc.)
However, only a couple of insurers allow for as few as 2 vehicles, so the more vehicles you have in your fleet the better, as more vehicles could reduce your costs.
Business interruption insurance covers your business for loss of income during periods where you can't trade or do business as usual due to an unexpected event. Whilst it isn't a legal requirement, it can be beneficial to protecting your business.
Business interruption insurance can come in 3 main types of cover: loss of gross profit, loss of gross revenue and increased cost of working.
The goals of business interruption insurance is to put your business back in the same position as it was before the unexpected event occurred.
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