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What is business insurance?
Running your own business can provide financial and personal freedom. However, if anything goes wrong, you could be left seriously out of pocket. There is a range of different types of business insurance available. Depending on what sector your business operates in, you can take out an insurance policy to give you and any employees peace of mind.
What does business insurance cover include?
There are many different types of business insurance policy. As all businesses are different, make sure that you arrange cover to meet your specific circumstances.
Running a business will often mean coming into contact with members of the public. If during the course of business you accidentally injure someone or damage third party property, public liability insurance will cover your costs. Many suppliers may insist on public liability insurance being in place before they will deal with your business.
If you employ members of staff, even part-time, you must make sure to have employer’s liability cover in place. If a current or former staff member brings a claim against your business – for example for unfair dismissal, or injury – this type of cover will cover the costs. The minimum level of cover required is £5million.
Business interruption insurance
If for any reason you are not able to operate your business, this type of policy will cover your essential outgoing costs to protect you against losses while you are not able to work.
Key man insurance
If your business relies on a particularly skilled employee, if they are unable to work for any reason, it can leave you exposed to the risk of loss. Key man insurance allows you to cover against this loss.
Buildings and contents insurance
It is a good idea to make sure that your commercial premises, and/or any stock you hold are covered. In the event of theft, or damage due to unforeseen circumstances like fire or flood, this type of insurance can help you get back on your feet quickly and minimise the effect of any losses.
Professional indemnity insurance
Depending on your line of work, you might benefit from taking out professional indemnity insurance. This protects you against claims arising if a service or product you sell has led to a loss by a third party.
Business insurance FAQs
Q – How much does business insurance cost?
A – The cost of your policy will be determined by a number of factors, including the size, scale and type of your business. It is worth comparing quotes from a range of different providers to try and find a policy which is affordable and still covers the circumstances relevant to your business.
Q – Is public liability cover compulsory?
A – Unlike employer’s liability cover, public liability cover is not required by law. However, most businesses choose to have some form of cover in place to protect them in the event of a claim being brought by a third party.
Q – I am a sole trader. Do I need business insurance?
A – Working as a sole trader has many benefits. However, you are still exposed to risk if you deal with third parties as part of your work. Having public liability or professional indemnity insurance can protect you if someone makes a claim against you.
Q – Do I need employer’s liability cover for my subcontractors?
A – Employer’s liability cover is a legal requirement. You must have a cover in place for the total number of subcontractors working for your business at any one time
Q – Do I need to register my business to get business insurance?
A – Whilst it can save time to register your business before buying business insurance, it is not a necessity. You should be able to secure a business insurance policy even if you have not yet registered your business as a sole trader or limited company