Whatever sort of business you run it is vital that you have the right insurance. But how do you compare business insurance? We explain.
Whether you’re a sole trader working from home, a tradesman or you run a larger company, getting the right company or home business insurance can be crucial to the continued operation of your business.
But what sort of small business insurance should you consider? And how much is business insurance?
What sort of small business insurance is available?
There are four main ways that you should consider protecting your business:
Public liability insurance
If you come into contact with members of the public through your business you should consider public liability insurance. It covers you against damage to people or their property caused by the operation of your business
Employer’s liability insurance
If you employ staff then you are required by law to buy employer’s liability insurance. It protects you if an employee is injured or becomes ill because of their work.
Business buildings and contents insurance covers your business premises and your stock, machinery and belongings against a range of risks including fire, theft and flood
Professional indemnity insurance
This protects you if your client loses money and makes a compensation claim because of a mistake or problem with your work.
You may need to include one or all of these covers on your small business insurance policy.
How to find value for money business cover
When researching cover for your company it’s important that you compare business insurance. If you don’t, you may get the wrong policy or pay too much for your cover.
So when you make your business insurance comparison always make sure that the policies you consider cover your type of business and include all the various aspects of cover that are appropriate to you.
It is also important to check the maximum levels of cover that are available. This ensures that you secure an appropriate amount of protection depending on the nature and size of your small business.
When offering cheap business insurance UK providers often quote for very basic policies.
For this reason when you compare business insurance make sure you compare ‘like’ with ‘like’.
Furthermore, it’s important not to simply take out the cheapest policy. Always compare both the quality and price of the cover when you take out business insurance otherwise you could be out of pocket when you make a claim. This applies equally whether you're looking for small or home business insurance or are getting business insurance quotes for a larger company.