Whether you run a small business, a large multinational company or are self-employed, business insurance can help to protect you and your company against unexpected costs.
Why do I need business insurance?
Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs (known as Liability insurance). Some policies can even protect against business interruption and supply chain breakdown. This protection means that, should your business suffer an unforeseen knockback, you can feel confident that you and your employees are protected. Meanwhile, your insurer can help to get your business back up and running again quickly.
Business insurance can also offer credibility to your business, demonstrating to prospective customers and potential employees that you are trustworthy to do business with.
What type of business insurance do I need by law?
If you are an employer, you are legally obliged to have employers’ liability insurance to cover the cost of compensating employees who are injured or become ill through work. If your business uses vehicles you are legally obliged to have commercial motor insurance. Some professions are required to have professional indemnity insurance by their professional bodies or regulators
Optional types of business insurance:
Commercial property insurance
Covers the cost of repairing or rebuilding your business premises, or replacing your stock or equipment.
Liability insurance
covers the cost of compensation claims following fault or negligence brought against you or your business by clients, customers, shareholders, investors, or members of the public.
Cyber insurance
Covers you for losses relating to damage to, or loss of information from, IT systems and networks.
How do you buy business insurance?
Business insurance is usually sold as a package, combining a number of different policies under one premium. The types of policies you need, and the cost of your premium, will be based on a number of factors including:
- The nature of your business
- Its annual turnover
- The number of people you employ
- Your insurance claims history
We work with leading insurers to ensure you get the best possible value and protection
