Business Insurance Quotes
Compare business insurance quotes to find the perfect fit for your business
What is business insurance?
Business insurance refers to several types of insurance cover designed to protect your business when matters take an unexpected turn. It can include cover for being sued, compensation, damage to your commercial premises and more.
What are the different types of business insurance?
Business Insurance is a collective term for a number of different insurance types that businesses may require. Below are examples of different types of insurance a business may need.
Employers Liability Insurance
Defends injury and accident claims made by your employees. Find out moreIs business insurance a legal requirement?
Business insurance legal requirements can vary depending on the type of business set-up.
Employers’ Liability Insurance
If the business employs any staff at all, employers liability insurance is a legal requirement.
Professional Indemnity Insurance
Professional indemnity insurance (also known as professional liability insurance) is not a legal requirement. However, most professional institutes and associations require their members to have some form of professional indemnity insurance and regulate this through their rules and regulations. For example, financial advisers, accountants and solicitors.
Not having the appropriate professional indemnity insurance can be a serious disciplinary offence, and can result in a firm being fined or closed down by their regulator.
Public Liability Insurance
Public liability insurance is not a legal requirement, however, it is highly recommended if the nature of your business involves interacting with the public, clients and contractors.
Even if a business takes all the necessary precautions to avoid mishaps, accidents can happen. This can result in a legal battle which could be financially damaging to your business, especially if you wouldn’t have the means to settle a claim without the right insurance in place.
Public liability cover won’t protect you retrospectively, therefore it’s a good idea to arrange insurance before you interact with members of the public, clients or contractors.
Often companies entering into contracts with your business will require you to have particular types of insurance in place, which may need to be evidenced prior to beginning the contract.
Some professional bodies, regulators and even clients may require a minimum level of professional indemnity insurance and/or public liability insurance before they’ll consider working with you, so as a minimum you’ll need to at least match this level.
How much cover do I need?
The level of cover required for any business insurance depends on a number of factors. For example the size and nature of the business will have an impact on how much cover is required, amongst other factors such as what you want the policy to cover.
Customers, clients or contractors may require a minimum level of employers’ liability insurance and public liability insurance before they’ll consider working with you, so as a minimum you’ll need to at least match this level. In addition some professional bodies set out minimum levels of professional indemnity insurance for their members. These levels can be based on factors such as turnover, income, minimum cover amounts and so on.
When deciding the level of cover it can be helpful to consider the cost of rectifying a mistake should one occur. This includes what you could be sued for as compensation, legal fees, etc. Cover levels for other types of insurance will depend on potential losses, for example, the value of stock you hold, or the rebuild costs of your premises among other things.
In conclusion, there are often a number of options available when selecting different types of business insurance, so you need to calculate the minimum level of cover you require and then consider the benefits and drawbacks of taking out extra cover.
Do I need business insurance if I'm self employed?
Self-employed business owners are not exempt from needing business insurance, but like limited companies and partnerships the type of insurance required and minimum levels of cover are dependent on a number of factors.
If you employ any staff at all, including temporary staff or contractors, employers liability insurance is a legal requirement.
If you give advice, handle client data or provide a professional service and could potentially be sued for negligence or making a mistake, then you’re likely to need professional indemnity insurance.
If someone could be at risk of getting injured, or their property damaged because of your work, you should consider getting public liability insurance.
As a self-employed person, you’ll most likely be able to claim for all your business insurance as an expense against tax.
How much does business insurance cost?
The total cost of your business insurance policy is dependent on a range of factors. These include; the type of cover you need, the value of that cover, the nature of your work, and any risks specific to your company operations or industry amongst other factors. Businesses that are perceived as riskier will usually pay a higher policy price.
Another important factor to consider is choosing the right provider for your business insurance. The overall cost can vary dramatically between providers, even for the same or similar levels of cover, so it’s always worth comparing a number of providers to ensure you get the best deal.
What information do I need to get a quote?
In order to get an accurate business insurance quote, you’ll need to provide details such as:
- Business name & trading address
- Legal status – Limited company partnership, sole trader etc. & company number (if appropriate)
- Trading history – including date of registration, length of time trading etc.)
- Details of any other business premises
- Details of involvement in high risk environments
- Details of claim history (if any)
- Policy preferences – including type of cover, what options you want & policy start date.
