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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 policies. As all businesses are different, make sure that you arrange cover to meet your specific circumstances.
Public liability
Running a business will often mean coming into contact with members of the public. If during 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.
Employer’s liability
If you employ members of staff, even part-time, you must make sure to have the 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. Keyman insurance allows you to cover 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.
Frequently Asked Questions
How much does business insurance cost?
Is public liability cover compulsory?
I am a sole trader. Do I need business insurance?
Do I need employer’s liability cover for my subcontractors?
Employer’s liability insurance 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.
Do I need to register my business to get business insurance?
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